Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes: (i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01; (ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date; (iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan; (iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund; (v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund; (vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered; (vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above; (viii) to pay itself interest on funds deposited in the Custodial Account; (ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof; (x) to withdraw funds deposited in error; (xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and (xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 33 contracts
Samples: Securitization Subservicing Agreement (BNC Mortgage Loan Trust 2006-1), Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2005-2), Securitization Subservicing Agreement (BNC Mortgage Loan Trust 2007-1)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself following a final liquidation of a Mortgage Loan for any unpaid Xxxxx Fargo previously unreimbursed Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected Advances made by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loanthat it determines are Nonrecoverable Advances, it being understood thatunderstood, in the case of any each such reimbursement, that the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(xvii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(ix) to withdraw funds deposited in error;; and
(xix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 25 contracts
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2004-6), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-2), Securitization Servicing Agreement (Structured Asset Investment Loan Trust Series 2004-11)
Permitted Withdrawals From Custodial Account. The Special Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Special Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Transferred Mortgage Loan (including late collections of interest on such Transferred Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Transferred Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, Advances made by it (A) that it determines in good faith will not be recoverable from amounts representing late recoveries of payments of principal or interest respecting the Servicer’s right particular Transferred Mortgage Loan as to reimburse itself pursuant to this subclause (iii) which such Monthly Advance or Servicing Advance was made or from Liquidation Proceeds or Insurance Proceeds with respect to any such Transferred Mortgage Loan being limited and/or (B) to the extent that such unreimbursed Monthly Advances and Servicing Advances exceed the related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, it being understood that, in the case of any such reimbursement, the Special Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(iv) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Special Servicer’s right to reimburse itself pursuant to this subclause (iv) with respect to any Transferred Mortgage Loan being limited to such other amounts as may be collected by the Special Servicer from the Mortgagor or otherwise relating to such Transferred Mortgage Loan, it being understood that, in the case of any such reimbursement, the Special Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution in accordance with Section 3.11 3.10 hereof;
(xvii) to invest funds in certain Eligible Investments in accordance with Section 3.10 hereof;
(viii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(ix) to withdraw funds deposited in error;; and
(xix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 24 contracts
Samples: Servicing Agreement (Lehman Mortgage Trust 2007-3), Servicing Agreement (Structured Asset Securities Corp. 2005-16), Servicing Agreement (Structured Asset Securities Corp. 2005-15)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and or Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse following the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect liquidation of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the a Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and (a) any unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to clauses the related Mortgage Loan under Section 3.04(ii) and (iib) or (v) aboveany unreimbursed Nonrecoverable Advances made by the Servicer in accordance with this Agreement;
(viiiv) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiivi) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(vii) to transfer funds to another Qualified Depository in accordance with Section 3.09 hereof;
(viii) to invest funds in certain Eligible Investments in accordance with Section 3.09 hereof;
(ix) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy; and
(x) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 16 contracts
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 Bc8), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc4), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc9)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.013.01;
(ii) to deposit reimburse itself for Monthly Advances of the Seller Remittance Amount into Servicer’s funds made pursuant to Section 3.04, the collection account maintained by Servicer’s right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the Master Servicer for payment by related Mortgage Loan (including without limitation, late recoveries of payments from the Master Servicer Mortgagor, Liquidation Proceeds and Insurance Proceeds with respect to such Mortgage Loan to the Seller on extent collected) which represent late payments of principal and/or interest respecting which any such advance was made; it being understood that, in the next succeeding Distribution Datecase of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Owner;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, and any unpaid Servicing Fees, the Interim Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust FundOwner;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viiiiv) to pay itself pursuant to Section 4.03, as servicing compensation, interest on funds deposited in the Custodial Account;
(ixv) to transfer funds reimburse itself for expenses incurred and reimbursable to another Eligible Institution in accordance with it pursuant to Section 3.11 hereof4.03;
(x) to withdraw funds deposited in error;
(xivi) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vii) to withdraw funds deposited in error; and
(xiiviii) to pay itself an amount equal withdraw amounts collected under a blanket hazard insurance policy with respect to a Second Lien Loan as provided for in Section 2.10, for application to restoration or repair of the Net Simple Interest Excess for Mortgaged Property in accordance with the related Due Period to the extent not offset by Net Simple Interest Shortfallsprocedures outlined in Section 2.13.
Appears in 13 contracts
Samples: Servicing Agreement (GSR Mortgage Loan Trust 2007-5f), Servicing Agreement (GSR Mortgage Loan Trust 2007-2f), Flow Servicing Agreement (GSR Mortgage Loan Trust 2007-Ar1)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself following a final liquidation of a Mortgage Loan for any unpaid Xxxxx Fargo previously unreimbursed Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected Advances made by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loanthat it determines are Nonrecoverable Advances, it being understood thatunderstood, in the case of any each such reimbursement, that the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which each Prepayment Period in full, the Servicer has determined that all amounts that it expects to recover on behalf Prepayment Interest Excess Amount, if any, for the month of the Trust Fund from or on account of such Mortgage Loan have been recovereddistribution;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viiivi) to pay itself interest on funds deposited in the Custodial Account;
(ixvii) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(viii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(ix) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(x) to withdraw funds deposited in error;; and
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 10 contracts
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2006-Bnc1), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2006-1), Securitization Servicing Agreement (Sasco 2006-Am1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) following the liquidation of a Mortgage Loan, to first reimburse itself for (a) in the case of Second Lien Mortgage Loans only, any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount extent not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to recoverable from related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and or other amounts received in with respect of to the related REO Property, Mortgage Loan under Section 3.04(ii) and such other amounts as may be collected (b) any unreimbursed Nonrecoverable Advances made by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fundaccordance with this Agreement;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) to the extent not otherwise retained as Ancillary Income or otherwise by the Servicer in accordance with the terms hereof, to pay itself Prepayment Interest Excess Amounts for the month of distribution after taking into account any Compensating Interest payment for such month;
(ix) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(x) to withdraw funds deposited in error;error or for which amounts previously deposited are returned unpaid by the related Mortgagor’s banking institution; and
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 8 contracts
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-7), Securitization Servicing Agreement (Fremont Home Loan Trust 2004-3), Securitization Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Bc2)
Permitted Withdrawals From Custodial Account. The Subject to Section 3.01, the Servicer shall, from time shall be entitled to time, withdraw funds from the Custodial Account for the following purposes:
(i) : to make payments to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, 3.01; to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect (to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, extent the Servicer has not retained the Servicing Fee); to reimburse itself for unreimbursed Monthly Advances and Servicing Advancesof the Servicer’s funds made pursuant to Section 3.04, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to amounts received on the related Mortgage Loan (including without limitation, late recoveries of payments from the Mortgagor, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in Insurance Proceeds with respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, Loan to the extent collected) which represent late payments of principal and/or interest respecting which any such Monthly Advance was made; it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) Owner; to first reimburse itself for unreimbursed Servicing Advances (except to the extent reimbursed pursuant to Section 2.07), any accrued but unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid unreimbursed advances of Servicer funds made pursuant to clause (ii)Section 2.15, the Servicer’s and/or the Seller’s right to reimbursement reimburse itself pursuant to this subclause (viv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) Owner; following the liquidation of a Mortgage Loan, to reimburse itself from amounts unrelated to the Mortgage Loan for any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 2.05(iii); to reimburse itself for remaining any unreimbursed Servicing Nonrecoverable Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which made by the Servicer has determined that all amounts that it expects in accordance with this Agreement; to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) invest funds in Eligible Investments in accordance with Section 2.09; to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit withdraw funds deposited in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) error; to pay itself any interest earned on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) Account and to withdraw funds deposited in error;
any Prepayment Interest Excesses (xi) but only to the extent not required to offset Prepayment Interest Shortfalls and only to the extent such amounts are actually received by the Servicer); to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) and to pay itself an amount equal transfer amounts in the Custodial Account relating to the Net Simple Interest Excess for the related Due Period transfer of servicing of applicable Mortgage Loans to the extent not offset by Net Simple Interest Shortfallsa subservicer or successor servicer.
Appears in 8 contracts
Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-8xs), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-13), Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-15ar)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Chase Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Chase Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing AdvancesAdvances and unpaid Chase Servicing Fees and to reimburse the Seller for any unpaid Seller Remittance Amount, the Servicer’s right to reimburse itself and pay the Seller the Seller Remittance Amount pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto to reimburse itself and pay the Seller the Seller Remittance Amount shall be prior to the rights of the Trust Fund;
(iv) to reimburse itself following a final liquidation of a Mortgage Loan for any previously unreimbursed Servicing Advances made by the Servicer that it determines are Nonrecoverable Advances and any unpaid Chase Servicing Fees and to reimburse the Seller for any unpaid Seller Remittance Amount, it being understood, in the case of each such reimbursement, that the Seller’s right to reimburse itself and to pay the Seller the Seller Remittance Amount shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received each Prepayment Period in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursementfull, the Servicer’s and /or Prepayment Interest Excess Amount, if any, for the Seller’s right thereto shall be prior to the rights month of the Trust Funddistribution;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvii) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(viii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(ix) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(x) to withdraw funds deposited in error;; and
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 7 contracts
Samples: Securitization Servicing Agreement (BNC Mortgage Loan Trust 2007-3), Securitization Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Bc3), Securitization Servicing Agreement (BNC Mortgage Loan Trust 2007-2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account in accordance with the terms of interest or other such recovery for interest with respect to that Mortgage Loanthis Agreement, including, without limitation, Sections 3.03, 3.04 and 5.03 hereof;
(iviii) following the liquidation or other recovery of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iiiii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(viiv) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Advances, Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(viiv) at such time a Mortgage Loan becomes a Charged-off Loan, to pay reimburse itself to the Seller for any unrecovered Seller Remittance Amount from amounts on deposit extent of funds held in the Custodial Account, Account for all unreimbursed Servicing Advances owing to the extent not paid pursuant Servicer relating to clauses (ii) any Charged-off Loan accrued or (v) aboveadvanced during any period prior to the date the Mortgage Loan became a Charged-off Loan;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution in accordance with Section 3.11 3.10 hereof;
(xvii) to invest funds in certain Eligible Investments in accordance with Section 3.10 hereof;
(viii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(ix) to withdraw funds deposited in error;; and
(xix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 6 contracts
Samples: Securitization Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Ar7), Securitization Servicing Agreement (Lehman XS Trust Series 2007-15n), Securitization Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Ar6)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(ia) to make payments to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.015.01;
(iib) to deposit reimburse itself for Monthly Advances of the Seller Remittance Amount into Servicer's funds made pursuant to Section 5.03, the collection account maintained by Servicer's right to reimburse itself pursuant to this sub-clause (b) being limited to amounts received on the Master Servicer for payment by related Mortgage Loan which represent late payments of principal and/or interest respecting which any such advance was made, it being understood that, in the Master Servicer case of any such reimbursement, the Servicer's right thereto shall be prior to the Seller on the next succeeding Distribution Daterights of Owner;
(iiic) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, and for any unpaid Servicing Fees, the Servicer’s 's right to reimburse itself pursuant to this subclause (iiic) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s 's right thereto shall be prior to the rights of the Trust FundOwner;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viiid) to pay itself interest on funds deposited in the Custodial AccountAccount if such interest amount was previously credited;
(ixe) to transfer funds reimburse itself for expenses incurred and reimbursable to another Eligible Institution in accordance with it pursuant to Section 3.11 hereof8.01;
(xf) to withdraw funds deposited pay any amount required to be paid pursuant to Section 4.16 related to any REO Property, it being understood that, in errorthe case of any such expenditure or withdrawal related to a particular REO Property, the amount of such expenditure or withdrawal from the Custodial Account shall be limited to amounts on deposit in the Custodial Account with respect to the related REO Property;
(xig) to reimburse itself for any Servicing Advances or REO expenses after liquidation of the Mortgaged Property not otherwise reimbursed above;
(h) to remove funds inadvertently placed in the Custodial Account by the Servicer; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 5 contracts
Samples: Servicing Agreement (Banc of America Funding 2006-5 Trust), Servicing Agreement (Banc of America Funding 2007-4 Trust), Servicing Agreement (Banc of America Funding 2006-8t2 Trust)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and or Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse following the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect liquidation of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the a Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and (a) any unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to clauses the related Mortgage Loan under Section 3.04(ii) and (iib) or (v) aboveany unreimbursed Nonrecoverable Advances made by the Servicer in accordance with this Agreement;
(viiiv) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiivi) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(vii) to transfer funds to another Eligible Institution in accordance with Section 3.09 hereof;
(viii) to invest funds in certain Eligible Investments in accordance with Section 3.09 hereof;
(ix) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy; and
(x) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 5 contracts
Samples: Securitization Servicing Agreement (Amortizing Residential Collateral Trust, Series 2004-1), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass-THR Certs Ser 2004-Gel1), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2004-8)
Permitted Withdrawals From Custodial Account. The Subject to Section 3.01, the Servicer shall, from time shall be entitled to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.013.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advancesof the Servicer’s funds made pursuant to Section 3.04, the Servicer’s right to reimburse itself pursuant to this subclause (iiiii) being limited to amounts received on the related Mortgage Loan (including without limitation, late recoveries of payments from the Mortgagor, Liquidation Proceeds and Insurance Proceeds with respect to any such Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect the extent collected) which represent late payments of the related REO Property, and principal and/or interest respecting which any such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, advance was made; it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust FundOwner;
(viii) to first pay itself the Servicing Fee from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan (to the extent the Servicer has not retained the Servicing Fee);
(iv) to reimburse itself for unreimbursed Servicing Advances (except to the extent reimbursed pursuant to Section 2.07), any accrued but unpaid Xxxxx Fargo Servicing Fees, Other Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid unreimbursed advances of Servicer funds made pursuant to clause (ii)Section 2.15, the Servicer’s and/or the Seller’s right to reimbursement reimburse itself pursuant to this subclause (viv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust FundOwner;
(v) following the liquidation of a Mortgage Loan, to reimburse itself for (a) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 2.05(iii) and (b) any unreimbursed Nonrecoverable Advances made by the Servicer in accordance with this Agreement;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees invest funds in Eligible Investments in accordance with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredSection 2.09;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit withdraw funds deposited in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) aboveAccount in error;
(viii) to pay to itself any interest earned on funds deposited in the Custodial Account;Account (all such interest to be withdrawn monthly not later than each Remittance Date); and
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 5 contracts
Samples: Servicing Agreement (GSR Mortgage Loan Trust 2006-3f), Servicing Agreement (GSR Mortgage Loan Trust 2006-2f), Servicing Agreement (GSR 2006-5f)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo GMAC Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo GMAC Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation or other recovery of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iiiiv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself first for any unpaid Xxxxx Fargo GMAC Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or and or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or and/or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Monthly Advances and unpaid Xxxxx Fargo Servicing Advances, GMAC Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) at such time a Mortgage Loan becomes a Charged-off Loan, to reimburse itself to the extent of funds held in the Custodial Account for all unreimbursed GMAC Servicing Fees, Servicing Advances and Monthly Advances owing to the Servicer relating to any Charged-off Loan accrued or advanced during any period prior to the date the Mortgage Loan became a Charged-off Loan;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixx) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(xxi) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(xii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(xiii) to withdraw funds deposited in error;; and
(xixiv) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 4 contracts
Samples: Securitization Subservicing Agreement (Structured Asset Securities Corp 2005-S4), Securitization Subservicing Agreement (Structured Asset Securities Corp. 2005 S-3), Securitization Subservicing Agreement (Structured Asset Securities Corp 2005-S6)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Wxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Wxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Wxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Wxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 4 contracts
Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2004-6), Securitization Subservicing Agreement (Sasco 2006-Bc3), Securitization Subservicing Agreement (Sasco 2006-Bc2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to second, reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement reimburse itself pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or and/or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses clause (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 3 contracts
Samples: Securitization Subservicing Agreement (Structured Asset Securities Corporation, 2005-Gel4), Securitization Subservicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel3), Securitization Subservicing Agreement (SASCO Mortgage Loan Trust Series 2005-Gel2)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself following a final liquidation of a Mortgage Loan for any unpaid Xxxxx Fargo previously unreimbursed Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected Advances made by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loanthat it determines are Nonrecoverable Advances, it being understood thatunderstood, in the case of any each such reimbursement, that the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(xvii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(ix) to withdraw funds deposited in error;; and
(xix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 3 contracts
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc11), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003-Bc13), Securitization Servicing Agreement (Structured Asset Securities Corp Mor Pas THR Ce Se 2003-Bc12)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and or Servicing AdvancesAdvances (including Servicing Advances made by a Prior Servicer which were previously reimbursed by the Servicer, to the extent applicable), the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse following the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect liquidation of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the a Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and (a) any unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to clauses the related Mortgage Loan under Section 3.04(ii) and (iib) or (v) aboveany unreimbursed Nonrecoverable Advances made by the Servicer in accordance with this Agreement;
(viiiv) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiivi) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(vii) to transfer funds to another Eligible Institution in accordance with Section 3.09 hereof;
(viii) to invest funds in certain Eligible Investments in accordance with Section 3.09 hereof;
(ix) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(x) with respect to any Principal Prepayment in full, to pay itself any related Prepayment Interest Excess Amount; and
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 3 contracts
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-3), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-2), Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2005-1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and or Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse following the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect liquidation of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the a Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and (a) any unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to clauses the related Mortgage Loan under Section 3.04(ii) and (iib) or (v) aboveany unreimbursed Nonrecoverable Advances made by the Servicer in accordance with this Agreement;
(viiiv) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 3.09 hereof;
(xvii) to withdraw invest funds deposited in errorcertain Eligible Investments in accordance with Section 3.09 hereof;
(xiviii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy; and
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 3 contracts
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust 2003-Bc2), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 Am1), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc10)
Permitted Withdrawals From Custodial Account. The Subject to Section 3.01, the Servicer shall, from time shall be entitled to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.013.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date[Reserved];
(iii) in to pay itself any Servicing Fee and Other Fees (including any accrued and unpaid Servicing Fees and Other Fees) due and payable to the event Servicer (to the extent the Servicer has elected not to retain retained the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage LoanFee);
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Servicing Advances and Servicing Advances(except to the extent reimbursed pursuant to Section 2.07), it being understood that the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees Owner and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being shall be limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement;
(v) to reimburse itself for any unpaid HELOC Draw Advance solely with respect to amounts received on any HELOC Mortgage Loans (if there are insufficient funds available to reimburse Servicer for any unpaid HELOC Draw Advance, the Servicer’s and /or the Seller’s right thereto Owner shall be prior reimburse Servicer pursuant to the rights of the Trust FundSection 3.03 herein);
(vi) following the liquidation of a Mortgage Loan, to reimburse itself for remaining unreimbursed (a) any unpaid Servicing Advances and unpaid Xxxxx Fargo Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to any defaulted the related Mortgage Loan as to which under Section 2.05(iv) plus (b) unreimbursed Nonrecoverable Advances made by the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredin accordance with this Agreement;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit invest funds in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) aboveEligible Investments in accordance with Section 2.09;
(viii) to withdraw funds deposited in the Custodial Account in error;
(ix) to pay to itself any interest earned on funds deposited in the Custodial Account;
Account (ix) all such interest to transfer funds to another Eligible Institution in accordance with Section 3.11 hereofbe withdrawn monthly not later than each Remittance Date);
(x) to withdraw reimburse itself for Cost of Funds (if any), as permitted pursuant to Section 3.05, solely with respect to amounts received on any HELOC Mortgage Loans (if there are insufficient funds deposited in erroravailable to reimburse Servicer for Cost of Funds, Owner shall reimburse Servicer pursuant to Section 3.05 herein);
(xi) to withdraw Principal Prepayments in part or in full plus any principal and interest payments due to the Collection Account on a Whole Loan Transfer or a Securitization Transaction; and
(xii) to clear and terminate the Custodial Account upon the termination of this Agreement; and
. If the balance on deposit in the Custodial Account exceeds $75,000 as of the commencement of business on any Business Day and the Custodial Account is set up at a Qualified Depository solely pursuant to clause (xiiii) to pay itself an amount equal of the definition of Qualified Depository, the Servicer shall, on or before twelve o’clock noon Eastern time on such Business Day, withdraw from the related Custodial Account any and all amounts payable to the Net Simple Interest Excess Owner and remit such amounts to the Owner by wire transfer of immediately available funds. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the related Due Period purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (iii) - (xi) above. The Servicer shall provide written notification in the form of an Officers’ Certificate to the extent not offset by Net Simple Interest ShortfallsOwner, on or prior to the next succeeding Remittance Date, upon making any withdrawals from the Custodial Account pursuant to subclause 2.05 (vi)(b) above.
Appears in 3 contracts
Samples: Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2006-Oa1), Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-Oa2), Servicing Agreement (Deutsche Alt-B Securities Mortgage Loan Trust, Series 2006-Ab3)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iiiii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii)Fees, the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (viv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viiivi) to pay itself interest on funds deposited in the Custodial Account;
(ixvii) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof3.11;
(xviii) to withdraw funds deposited in error;
(xiix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiix) to pay itself an amount equal to make payments in respect of the Net Simple Interest Excess for premiums due, if any, on the related Due Period to the extent not offset by Net Simple Interest ShortfallsLPMI Policies, if applicable.
Appears in 3 contracts
Samples: Securitization Servicing Agreement (TBW 2006-3), Securitization Servicing Agreement (TBW 2006-1), Securitization Servicing Agreement (TBW 2006-2)
Permitted Withdrawals From Custodial Account. The Servicer Subservicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit following the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest liquidation or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the ServicerSubservicer’s right to reimburse itself pursuant to this subclause (iiiiv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer Subservicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the ServicerSubservicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(viiii) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Advances, Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer Subservicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(viiiv) at such time a Mortgage Loan becomes a Charged-off Loan, to pay reimburse itself to the Seller for any unrecovered Seller Remittance Amount from amounts on deposit extent of funds held in the Custodial Account, Account for all unreimbursed Servicing Advances owing to the extent not paid pursuant Subservicer relating to clauses (ii) any Charged-off Loan accrued or (v) aboveadvanced during any period prior to the date the Mortgage Loan became a Charged-off Loan;
(viiiv) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(xvii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(ix) to withdraw funds deposited in error;; and
(xix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 3 contracts
Samples: Securitization Subservicing Agreement (Lehman XS Trust Series 2006-Gp2), Securitization Subservicing Agreement (Lehman XS Trust Series 2006-Gp1), Securitization Subservicing Agreement (Lehman XS Trust Series 2006-4n)
Permitted Withdrawals From Custodial Account. The Special Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Special Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Transferred Mortgage Loan (including late collections of interest on such Transferred Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Transferred Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, Advances (excluding Capitalization Reimbursement Amounts) made by it (A) that it determines in good faith will not be recoverable from amounts representing late recoveries of payments of principal or interest respecting the Servicer’s right particular Transferred Mortgage Loan as to reimburse itself pursuant to this subclause (iii) which such Monthly Advance or Servicing Advance was made or from Liquidation Proceeds or Insurance Proceeds with respect to any such Transferred Mortgage Loan being limited and/or (B) to the extent that such unreimbursed Monthly Advances and Servicing Advances exceed the related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, it being understood that, in the case of any such reimbursement, the Special Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(iv) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances (excluding Capitalization Reimbursement Amounts), the Special Servicer’s right to reimburse itself pursuant to this subclause (iv) with respect to any Transferred Mortgage Loan being limited to such other amounts as may be collected by the Special Servicer from the Mortgagor or otherwise relating to such Transferred Mortgage Loan, it being understood that, in the case of any such reimbursement, the Special Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution in accordance with Section 3.11 3.10 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.10 hereof;
(viii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(ix) to reimburse itself for any unreimbursed Capitalization Reimbursement Amounts solely from collections on account of principal in the related Mortgage Pool;
(x) to reimburse itself for any Prepayment Charges deposited into the Custodial Account in error with respect to any Prepayment Period, but only to the extent that Prepayment Charges on deposit in the Custodial Account with respect to the related Mortgage Pool equal or exceed such Prepayment Charges deposited in error;
(xi) to withdraw funds deposited in error;; and
(xixii) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 3 contracts
Samples: Servicing Agreement (Lehman Mortgage Trust 2008-6), Servicing Agreement (Lehman Mortgage Trust 2007-10), Servicing Agreement (Lehman Mortgage Trust 2008-2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Aurora Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Aurora Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation or other recovery of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iiiiv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself first for any unpaid Xxxxx Fargo Aurora Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or and or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or and/or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Monthly Advances and unpaid Xxxxx Fargo Servicing Advances, Aurora Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) at such time a Mortgage Loan becomes a Charged-off Loan, to reimburse itself to the extent of funds held in the Custodial Account for all unreimbursed Aurora Servicing Fees, Servicing Advances and Monthly Advances owing to the Servicer relating to any Charged-off Loan accrued or advanced during any period prior to the date the Mortgage Loan became a Charged-off Loan;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixx) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(xxi) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(xii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(xiii) to withdraw funds deposited in error;; and
(xixiv) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 3 contracts
Samples: Securitization Servicing Agreement (Lehman XS Trust Series 2006-4n), Securitization Servicing Agreement (Lehman XS Trust Series 2006-Gp2), Securitization Servicing Agreement (Lehman XS Trust Series 2006-Gp1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial AccountAccount or to retain Ancillary Income, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage LoanLoan and to pay itself such Ancillary Income;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Servicing Advances and Servicing Monthly Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself following a final liquidation of a Mortgage Loan for any unpaid Xxxxx Fargo previously unreimbursed Monthly Advances or Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected Advances made by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loanthat it determines are Nonrecoverable Advances, it being understood thatunderstood, in the case of any each such reimbursement, that the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(xvii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy
(ix) to withdraw funds deposited in error;; and
(xix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002 Hf2), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) [Reserved]
(iii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer Collection Account, for ultimate payment by the Master Servicer to the Seller on the next succeeding Distribution DateSeller;
(iiiiv) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(ivv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(vvi) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii)Fees, the Servicer’s and/or the Seller’s right to reimbursement reimburse itself pursuant to this subclause (viv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vivii) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;; and
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 2 contracts
Samples: Securitization Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2004-S1), Securitization Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2004-Ffa)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii)Fees, the Servicer’s and/or the Seller’s right to reimbursement reimburse itself pursuant to this subclause (viv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(viv) following the liquidation of a Mortgage Loan, to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees and unreimbursed Nonrecoverable Advances with respect to any defaulted Mortgage Loan as to which made by the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredin accordance with this Agreement;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viiivi) to pay itself interest on funds deposited in the Custodial Account;
(ixvii) to transfer funds to another Eligible Institution in accordance with Section 3.11 3.10 hereof;
(xviii) to withdraw funds deposited in error;; and
(xiix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (Wells Fargo Home Equity Trust Mort Pass Thru Cert Ser 2004-1), Securitization Servicing Agreement (Wells Fargo Home Equity Trust Mort Pass Thru Cert Ser 2004-1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer Collection Account, for ultimate payment by the Master Servicer to the Seller on the next succeeding Distribution DateSeller;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii)Fees, the Servicer’s and/or the Seller’s right to reimbursement reimburse itself pursuant to this subclause (viv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixviii) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(xix) to withdraw funds deposited in error;
(xix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiixi) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 2 contracts
Samples: Securitization Subservicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Series 2004-3), Securitization Subservicing Agreement (Structured Asset Securities Corp)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.013.01;
(ii) to deposit reimburse itself for Monthly Advances of the Seller Remittance Amount into Servicer's funds made pursuant to Section 3.04, the collection account maintained by Servicer's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the Master Servicer for payment by related Mortgage Loan (including without limitation, late recoveries of payments from the Master Servicer Mortgagor, Liquidation Proceeds and Insurance Proceeds with respect to such Mortgage Loan to the Seller on extent collected) which represent late payments of principal and/or interest respecting which any such advance was made; it being understood that, in the next succeeding Distribution Datecase of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Owner;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, and any unpaid Servicing Fees, the Interim Servicer’s 's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s 's right thereto shall be prior to the rights of the Trust FundOwner;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viiiiv) to pay itself pursuant to Section 4.03, as servicing compensation, interest on funds deposited in the Custodial Account;
(ixv) to transfer funds reimburse itself for expenses incurred and reimbursable to another Eligible Institution in accordance with it pursuant to Section 3.11 hereof4.03;
(x) to withdraw funds deposited in error;
(xivi) to clear and terminate the Custodial Account upon the termination of this Agreement;
(vii) to withdraw funds deposited in error; and
(xiiviii) to pay itself an amount equal withdraw amounts collected under a blanket hazard insurance policy with respect to a Second Lien Loan as provided for in Section 2.10, for application to restoration or repair of the Net Simple Interest Excess for Mortgaged Property in accordance with the related Due Period to the extent not offset by Net Simple Interest Shortfallsprocedures outlined in Section 2.13.
Appears in 2 contracts
Samples: Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-3), Assignment, Assumption and Recognition Agreement (GSAA Home Equity Trust 2006-4)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii)Fees, the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (viv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viiivi) to pay itself interest on funds deposited in the Custodial Account;
(ixvii) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof3.11;
(xviii) to withdraw funds deposited in error;
(xiix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiix) to pay itself an amount equal to make payments in respect of the Net Simple Interest Excess for premiums due, if any, on the related Due Period to the extent not offset by Net Simple Interest ShortfallsLPMI Policies, if applicable.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (TBW Mortgage-Backed Trust Series 2006-4), Securitization Servicing Agreement (TBW Mortgage-Backed Trust Series 2007-2)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo previously unreimbursed Monthly Advances or Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected Advances made by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loanthat it determines are Nonrecoverable Advances, it being understood thatunderstood, in the case of any each such reimbursement, that the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(xvii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) [Reserved.];
(ix) to withdraw funds deposited in error;; and
(xix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (Fieldstone Mortgage Investment CORP), Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and or Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust FundIndenture Trustee;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for (a) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.04(ii) and (b) any unreimbursed Nonrecoverable Advances made by the Servicer in accordance with this Agreement;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiivi) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(vii) to transfer funds to another Eligible Institution in accordance with Section 3.09 hereof;
(viii) to invest funds in certain Eligible Investments in accordance with Section 3.09 hereof;
(ix) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy; and
(x) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (SASCO Mortgage Loan Trust 2004-Gel3), Securitization Servicing Agreement (Sasco Mortgage Loan Trust Series 2004-Gel2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.015.01;
(ii) to deposit reimburse itself for Monthly Advances of the Seller Remittance Amount into Servicer's funds made pursuant to Section 5.03, the collection account maintained Servicer's right to reimburse itself pursuant to this sub clause (ii) being limited to amounts received on the related Mortgage Loan which represent late Monthly Payments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Master Servicer for payment by respecting which any such advance was made, it being understood that, in the Master Servicer case of any such reimbursement, the Servicer's right thereto shall be prior to the Seller on rights of Owner, and all other amounts required to be paid to the next succeeding Distribution DateOwner with respect to such Mortgage Loan;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, and for any unpaid Servicing Fees, the Servicer’s 's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s 's right thereto shall be prior to the rights of the Trust FundOwner;
(viiv) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredreserved;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself as additional servicing compensation any interest on funds deposited in the Custodial Account;
(vi) to reimburse itself for expenses incurred and reimbursable to it pursuant to Section 8.01;
(vii) to pay any amount required to be paid pursuant to Section 4.16 related to any REO Property, it being understood that, in the case of any such expenditure or withdrawal related to a particular REO Property, the amount of such expenditure or withdrawal from the Custodial Account shall be limited to amounts on deposit in the Custodial Account with respect to the related REO Property;
(viii) to reimburse itself for any Servicing Advances or REO expenses after liquidation of the Mortgaged Property not otherwise reimbursed above;
(ix) to transfer remove funds to another Eligible Institution inadvertently placed in accordance with Section 3.11 hereof;the Custodial Account by the Servicer; and
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) . In the event that the Custodial Account is interest bearing, on each Remittance Date, the Servicer, in addition to pay itself an amount equal it withdrawal rights stated above, shall withdraw all interest earned on funds on deposit in the Custodial Account except for those amounts which, pursuant to Section 5.01, the Net Simple Interest Excess Servicer is not obligated to remit on such Remittance Date. The Servicer may use such withdrawn funds only for the related Due Period to the extent not offset by Net Simple Interest Shortfallspurposes described in this Section 4.05.
Appears in 2 contracts
Samples: Trust Agreement (GSAA Home Equity Trust 2006-13), Pooling and Servicing Agreement (Gs-FFMLT 2006-Ff13)
Permitted Withdrawals From Custodial Account. The Subject to Section 3.01, the Servicer shall, from time shall be entitled to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.013.01;
(ii) to deposit pay to itself the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer Servicing Fee (to the Seller on extent the next succeeding Distribution DateServicer has not retained the Servicing Fee);
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Servicing Advances and (except to the extent reimbursed pursuant to Section 2.07), any accrued but unpaid Servicing AdvancesFees, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust FundOwner;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself from amounts unrelated to the Mortgage Loan for any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 2.05(iii);
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected unreimbursed Nonrecoverable Advances made by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fundaccordance with this Agreement;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees invest funds in Eligible Investments in accordance with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredSection 2.09;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit remove funds inadvertently placed in the Custodial Account, to Account in error by the extent not paid pursuant to clauses (ii) or (v) aboveServicer;
(viii) to pay itself any interest earned on funds deposited in the Custodial Account;Account (all such interest to be withdrawn monthly not later than each Remittance Date); and
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (xiiii) to pay itself - (viii) above. The Servicer shall provide written notification in the form of an amount equal Officer’s Certificate to the Net Simple Interest Excess for the related Due Period Owner, on or prior to the extent not offset by Net Simple Interest Shortfallsnext succeeding Remittance Date, upon making any withdrawals from the Custodial Account pursuant to subclause (v) above.
Appears in 2 contracts
Samples: Servicing Agreement (Deutsche Alt-a Securities Mortgage Loan Trust, Series 2007-1), Servicing Agreement (Deutsche Alt-B Securities Mortgage Loan Trust, Series 2007-Ab1)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Trust Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Trust Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and or Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse following the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect liquidation of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the a Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and (a) any unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to clauses the related Mortgage Loan under Section 3.04(ii) and (iib) or (v) aboveany unreimbursed Nonrecoverable Advances made by the Servicer in accordance with this Agreement;
(viiiv) to pay itself interest on funds deposited in the Trust Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiivi) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(vii) to transfer funds to another Qualified Depository in accordance with Section 3.09 hereof;
(viii) to invest funds in certain Eligible Investments in accordance with Section 3.09 hereof;
(ix) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy; and
(x) to clear and terminate the Trust Custodial Account upon the termination of this Agreement.
(b) The Servicer shall from, time to time withdraw funds from the DA Reserve Account to be applied in the following manner:
(i) the amount of DA Dividends on deposit in the DA Reserve Account which are not refundable to the Mortgagors as a result of a DA Forfeiture Event with respect to the related DAD Mortgage Loans shall be withdrawn from the DA Reserve Account on each Remittance Date and paid to the Master Servicer for deposit into the Collection Account maintained by the Master Servicer pursuant to Section 4.01 of the Trust Agreement.
(ii) any amount of DA Dividends on deposit in the DA Reserve Account which is refundable to the Mortgagor of a DAD Mortgage Loan as the result of the non-occurrence of a DA Forfeiture Event with respect to such Mortgage Loan shall be withdrawn from the DA Reserve Account and paid to the related Mortgagor no later than twenty days following the related DA Anniversary Date on which the determination of eligibility for such refund is determined.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc1), Securitization Servicing Agreement (Structured Asset Sec Corp Pass THR Cert Ser 2002 Bc3)
Permitted Withdrawals From Custodial Account. The Special Servicer shall, from time to time, withdraw funds from the Custodial Account (without implication) for the following purposes:
(i) to make payments to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances advances of the Special Servicer's funds made pursuant to Section 2.05 hereof and for any unreimbursed Servicing Advances, the Special Servicer’s 's right to reimburse itself pursuant to this subclause (iiiii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other either (x) amounts received in respect of on the related REO Property, and Transferred Mortgage Loan which represent late payments of principal and/or interest respecting which any such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loanadvance was made, it being understood that, in the case of any such reimbursement, the Special Servicer’s 's right thereto shall be prior to the rights of the Trust Fund;
Owner or (vy) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in the Collection Account in the event that such advances have been deemed to be Nonrecoverable Advances or are not recovered from recoveries in respect of the related Transferred Mortgage Loan or REO Property, and such other Property after a final determination has been made as to what amounts as may have been or will be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loanrecovered, it being understood thatthat for those Transferred Mortgage Loans in foreclosure, the Owner shall reimburse the Special Servicer for Servicing Advances and advances made pursuant to Section 2.05 hereof through the completion of the sale of the defaulted Mortgage Loan, or the foreclosure and disposition of the REO Property. If the disposition of a Transferred Mortgage Loan results in the case Special Servicer not recovering all of any such reimbursementthe foregoing sums, the Servicer’s and /or the Seller’s right thereto Owner shall be responsible for reimbursing to the Special Servicer a sum equal to such non-recovered amount. In the event that a Transferred Mortgage becomes a Reconstituted Mortgage Loan, pursuant to the related Reconstitution Agreement, the Special Servicer shall be able to recover unreimbursed advances from the related Custodial Account prior to the rights of the Trust Fundpayments to be made to certificateholders;
(viiii) to pay itself any unpaid Transferred Mortgage Loan Servicing Fees, it being understood that for those Transferred Mortgage Loans in foreclosure, the Owner shall reimburse itself the Special Servicer for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Transferred Mortgage Loan Servicing Fees with respect to any through the completion of the sale of the defaulted Mortgage Loan as to which or the Servicer has determined that all amounts that it expects to recover on behalf foreclosure and disposition of the Trust Fund from or on account REO Property. If the disposition of such a Transferred Mortgage Loan have been recoveredresults in the Special Servicer not recovering all of the foregoing sums, the Owner shall be responsible for reimbursing to the Special Servicer a sum equal to such non-recovered amount;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viiiiv) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xiv) to clear and terminate the Custodial Account upon the termination of this Agreement; and;
(xiivi) to pay itself an amount equal transfer funds to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.another Qualified Depository in accordance with Section 3.09 hereof;
Appears in 2 contracts
Samples: Servicing Agreement (Structured Asset Securities Corp/Ny), Servicing Agreement (American Residential Eagle Inc)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Servicing Advances and Servicing Monthly Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(iv) to reimburse itself following a final liquidation of a Mortgage Loan for any previously unreimbursed Monthly Advances and /or Servicing Advances made by the SellerServicer that it determines are Nonrecoverable Advances, it being understood, in the case of each such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(xvii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(ix) to withdraw funds deposited in error;; and
(xix) to clear and terminate the Custodial Account upon the termination of this Agreement; and.
(xiixi) to pay itself an amount equal reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to the Net Simple Interest Excess for the related Due Period Section 6.03 herein, but only to the extent not offset such amounts are determined to be reimbursable by Net Simple Interest Shortfallsthe Trust Fund pursuant to Section 6.03.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (Structured Asset Inv Loan Mort Pass Thru Cer Ser 2003-Bc7), Securitization Servicing Agreement (Aames Mortgage Tr Mort Pas Thru Cert Sers 2003-1)
Permitted Withdrawals From Custodial Account. The Subject to Section 3.01, the Servicer shall, from time shall be entitled to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.013.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advancesof the Servicer's funds made pursuant to Section 3.04, the Servicer’s 's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the related Mortgage Loan (including without limitation, late recoveries of payments from the Mortgagor, Liquidation Proceeds and Insurance Proceeds with respect to such Mortgage Loan to the extent collected) which represent late payments of principal and/or interest respecting which any such advance was made; it being understood that, in the case of any such reimbursement, the Servicer's right thereto shall be prior to the rights of the Owner;
(iii) to pay itself the Servicing Fee from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan (to the extent the Servicer has not retained the Servicing Fee);
(iv) to reimburse itself for unreimbursed Servicing Advances (except to the extent reimbursed pursuant to Section 2.07), any accrued but unpaid Servicing Fees, Other Fees and for unreimbursed advances of Servicer funds made pursuant to Section 2.15, the Servicer's right to reimburse itself pursuant to this subclause (iv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s 's right thereto shall be prior to the rights of the Trust FundOwner;
(v) following the liquidation of a Mortgage Loan, to reimburse itself for (a) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 2.05(iii) and (b) any unreimbursed Nonrecoverable Advances made by the Servicer in accordance with this Agreement;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees invest funds in Eligible Investments in accordance with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredSection 2.09;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit withdraw funds deposited in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) aboveAccount in error;
(viii) to pay to itself any interest earned on funds deposited in the Custodial Account;Account (all such interest to be withdrawn monthly not later than each Remittance Date); and
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 2 contracts
Samples: Trust Agreement (GSAA Home Equity 2005-12), Master Servicing and Trust Agreement (GSAA Home Equity Trust 2006-4)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit following the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest liquidation or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iiiii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(viiii) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Advances, Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(viiiv) at such time a Mortgage Loan becomes a Charged-off Loan, to pay reimburse itself to the Seller for any unrecovered Seller Remittance Amount from amounts on deposit extent of funds held in the Custodial Account, Account for all unreimbursed Servicing Advances owing to the extent not paid pursuant Servicer relating to clauses (ii) any Charged-off Loan accrued or (v) aboveadvanced during any period prior to the date the Mortgage Loan became a Charged-off Loan;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixv) to transfer funds to another Eligible Institution in accordance with Section 3.11 3.10 hereof;
(xvi) to invest funds in certain Eligible Investments in accordance with Section 3.10 hereof;
(vii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(viii) to withdraw funds deposited in error;; and
(xiix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 2 contracts
Samples: Securitization Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Ar4), Securitization Servicing Agreement (GreenPoint Mortgage Funding Trust 2006-Ar5)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer Collection Account, for ultimate payment by the Master Servicer to the Seller on the next succeeding Distribution DateSeller;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii)Fees, the Servicer’s and/or the Seller’s right to reimbursement reimburse itself pursuant to this subclause (viv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixviii) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(xix) to withdraw funds deposited in error;; and
(xix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 2 contracts
Samples: Securitization Subservicing Agreement (Structured Asset Inv Loan Tr Mort Pass-THR Cert Ser 2004-1), Securitization Subservicing Agreement (Structured Asset Sec Corp Mort Pass-THR Certs Ser 2004-Gel1)
Permitted Withdrawals From Custodial Account. The Interim Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Purchaser in the amounts and in the manner provided for in Section 4.013.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, and for any unpaid Servicing Fees, any unpaid advances by the Interim Servicer in accordance with Section 3.03, the Interim Servicer’s 's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of (not required to be remitted to the related REO Property, Mortgagor) and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Interim Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Interim Servicer’s and /or the Seller’s 's right thereto shall be prior to the rights of Purchaser except where the Trust FundInterim Servicer is required to repurchase a Mortgage Loan pursuant to the Purchase Agreement or Section 6.02, in which case the Interim Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such sections and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viiiiii) to pay itself interest any investment earnings accrued on funds deposited in the Custodial Account;
(ixiv) to transfer funds pay to another Eligible Institution itself the Servicing Fee in accordance with Section 3.11 hereof4.03 and to reimburse itself for expenses incurred and reimbursable to it pursuant to Section 8.01;
(xv) to withdraw funds deposited pay any amount required to be paid pursuant to Section 4.16 related to any REO Property, it being understood that in errorthe case of any such expenditure or withdrawal related to a particular REO Property, the amount of such expenditure or withdrawal from the Custodial Account shall be limited to amounts on deposit in the Custodial Account with respect to the related REO Property;
(xivi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiivii) to pay itself an amount equal withdraw funds deposited in error. In the event that the Custodial Account is interest bearing, on each Remittance Date, the Interim Servicer shall withdraw all funds from the Custodial Account except for those amounts which, pursuant to Section 3.01, the Net Simple Interest Excess Interim Servicer is not obligated to remit on such Remittance Date. The Interim Servicer may use such withdrawn funds only for the related Due Period to purposes described in this Section 2.05. The Interim Servicer shall keep and maintain a separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the extent not offset by Net Simple Interest Shortfallspurpose of justifying any withdrawals from the Custodial Account.
Appears in 1 contract
Samples: Interim Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2006-6ar)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and or Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse following the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect liquidation of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the a Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and (a) any unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to clauses the related Mortgage Loan under Section 3.04(ii) and (iib) or (v) aboveany unreimbursed Nonrecoverable Advances made by the Servicer in accordance with this Agreement;
(viiiv) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 3.09 hereof;
(xvii) to withdraw invest funds deposited in errorcertain Eligible Investments in accordance with Section 3.09 hereof;
(xiviii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(ix) to make payments of the Retained Interest to the owner of such interest; and
(x) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Encore Credit Corp Mortgage Pass Through Certs Ser 2003-1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer Collection Account, for ultimate payment by the Master Servicer to the Seller on the next succeeding Distribution DateSeller;
(iii) in the event the Servicer has elected not to retain the Xxxxx Wxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Wxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust FundIndenture Trustee and the Securityholders;
(v) to first reimburse itself for any unpaid Xxxxx Wxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii)Fees, the Servicer’s and/or the Seller’s right to reimbursement reimburse itself pursuant to this subclause (viv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund Indenture Trustee and the Securityholders from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixviii) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(xix) to withdraw funds deposited in error;; and
(xix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Sasco Mortgage Loan Trust Series 2004-Gel2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i1) to make payments to the Master Servicer Trust Administrator in the amounts and in the manner provided for in Section 4.014.03(a);
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii2) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Administration Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in into the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Administration Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv3) following the liquidation of a Mortgage Loan, to reimburse itself for (a) any unreimbursed Monthly Advances or Servicing Advances from amounts held for future payments and Servicing Advances, to the Servicer’s right to reimburse itself pursuant to this subclause extent of Liquidation Proceeds (iii) with respect to any Mortgage Loan being limited to related net of Liquidation ProceedsExpenses), Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, (b) any unreimbursed Advances or Servicing Advances previously made on Mortgage Loans modified pursuant to Section 4.02(a) where (x) such Advance or Servicing Advance is added to the unpaid principal balance of such Mortgage Loan or (y) a portion of the unpaid principal balance of such Mortgage Loan has been forgiven and (c) any unreimbursed Advances and Servicing Advances to the extent of funds held in the Custodial Account for future distribution that are not required to be included in amounts required to be paid to the Trust Administrator pursuant to clause (1) above;
(4) to reimburse itself for any previously unreimbursed Advances or Servicing Advances that it determines are Nonrecoverable Advances, it being understood thatunderstood, in the case of any each such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust FundNoteholders;
(v5) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses clause (ii) or (v2) above, to reimburse itself for any unpaid Servicing Administration Fees with respect to any Second Lien Mortgage Loans that become Liquidated Mortgage Loans;
(viii6) to pay itself interest investment earnings on funds deposited in the Custodial Account;
(ix7) to transfer funds to another Eligible Institution Account in accordance with Section 3.11 4.02(j) hereof;
(x8) to invest funds in certain Eligible Investments in accordance with Section 4.02(d)(i) and Section 4.02(i) hereof;
(9) to withdraw funds deposited in error;
(xi10) to pay itself amounts payable to the Servicer in accordance with Section 4.06(b) hereof;
(11) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii12) to pay itself an amount equal to the Net Simple any Prepayment Interest Excess for the related Due Period to the extent not offset by Net Simple Interest ShortfallsAmount.
Appears in 1 contract
Samples: Transfer and Servicing Agreement (Fieldstone Mortgage Investment CORP)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Chase Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Chase Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances (excluding Capitalization Reimbursement Amounts, other than as provided for in Section 3.04(v)) and Servicing AdvancesAdvances (excluding Capitalization Reimbursement Amounts, other than as provided for in Section 3.04(v)) and unpaid Chase Servicing Fees and to reimburse the Seller for any unpaid Seller Remittance Amount, the Servicer’s right to reimburse itself and pay the Seller the Seller Remittance Amount pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto to reimburse itself and pay the Seller the Seller Remittance Amount shall be prior to the rights of the Trust Fund;
(iv) to reimburse itself following a final liquidation of a Mortgage Loan for any previously unreimbursed Servicing Advances (excluding Capitalization Reimbursement Amounts, other than as provided for in Section 3.04(v)) made by the Servicer that it determines are Nonrecoverable Advances and any unpaid Chase Servicing Fees and to reimburse the Seller for any unpaid Seller Remittance Amount, it being understood, in the case of each such reimbursement, that the Seller’s right to reimburse itself and to pay the Seller the Seller Remittance Amount shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received unreimbursed Capitalization Reimbursement Amounts solely from collections on account of principal in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust FundPool;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which each Prepayment Period in full, the Servicer has determined that all amounts that it expects to recover on behalf Prepayment Interest Excess Amount, if any, for the month of the Trust Fund from or on account of such Mortgage Loan have been recovereddistribution;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixviii) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(ix) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(x) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(xi) to withdraw funds deposited in error other than Prepayment Charges deposited in error (which may be solely withdrawn pursuant to clause (xii) of this Section 3.04);
(xii) to withdraw any Prepayment Charge deposited into the Custodial Account in error (regardless of whether or not such Prepayment Charge has been remitted) with respect to any Prepayment Period, but only to the extent that Prepayment Charge amounts on deposit in the Custodial Account from the related Mortgage Pool equal or exceed such Prepayment Charge deposited in error;
(xixiii) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Servicing Agreement (BNC CORP Mortgage Loan Trust 2007-Bnc4)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;; and
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Investment Loan Trust 2004-7)
Permitted Withdrawals From Custodial Account. The Subject to Section 2.17 hereof, the Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) a. to make payments to the Master Servicer Purchaser in the amounts and in the manner provided for in Section 4.013.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, b. to reimburse itself for unreimbursed Monthly Servicing Advances (except to the extent reimbursed pursuant to Section 2.07), any accrued but unpaid Servicing Fees and Servicing Advancesfor unreimbursed advances of Servicer funds made pursuant to Sections 2.15 or 2.17, the Servicer’s 's right to reimburse itself pursuant to this subclause (iiib) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, proceeds and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s ' a right thereto shall be prior to the rights right. of the Trust Fund;
(vi) Purchaser except that, where the Seller or the Servicer is required to reimburse itself for remaining unreimbursed Servicing Advances repurchase a Mortgage Loan pursuant to Section 8.03 of the Purchase Agreement or Section 4.02 of this Agreement, respectively, the Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such sections and unpaid Xxxxx Fargo Servicing Fees all other amounts required to be paid to the Purchaser with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredLoan;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) c. to pay itself any interest or other income earned on funds deposited in the Custodial AccountAccount (all such interest to be withdrawn monthly not later than each Remittance Date);
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) d. to withdraw funds any amounts deposited in error;; and
(xi) e. to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) . In the event that the Custodial Account is interest bearing, on each Remittance Date, the Servicer shall withdraw all funds from the Custodial Account except for those amounts which, pursuant to pay itself an amount equal Section 3.01, the Servicer is not obligated to the Net Simple Interest Excess remit on such Remittance Date. The Servicer may use such withdrawn funds only for the related Due Period to the extent not offset by Net Simple Interest Shortfallspurposes described in this Section 2.05.
Appears in 1 contract
Samples: Servicing Agreement (Chevy Chase Preferred Capital Corp)
Permitted Withdrawals From Custodial Account. The Subject to Section 3.01, the Servicer shall, from time shall be entitled to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.013.01;
(ii) to deposit pay to itself the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer Servicing Fee (to the Seller on extent the next succeeding Distribution DateServicer has not retained the Servicing Fee);
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Servicing Advances and (except to the extent reimbursed pursuant to Section 2.07), any accrued but unpaid Servicing AdvancesFees, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust FundOwner;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself from amounts unrelated to the Mortgage Loan for any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 2.05(iii);
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected unreimbursed Nonrecoverable Advances made by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fundaccordance with this Agreement;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees invest funds in Eligible Investments in accordance with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredSection 2.09;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit remove funds inadvertently placed in the Custodial Account, to Account in error by the extent not paid pursuant to clauses (ii) or (v) aboveServicer;
(viii) to pay itself any interest earned on funds deposited in the Custodial Account;Account (all such interest to be withdrawn monthly not later than each Remittance Date); and
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account pursuant to such subclauses (xiiii) to pay itself - (viii) above.The Servicer shall provide written notification in the form of an amount equal Officer’s Certificate to the Net Simple Interest Excess for the related Due Period Owner, on or prior to the extent not offset by Net Simple Interest Shortfallsnext succeeding Remittance Date, upon making any withdrawals from the Custodial Account pursuant to subclause (v) above.
Appears in 1 contract
Samples: Servicing Agreement (Deutsche Alt-a Securities Inc)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself following a final liquidation of a Mortgage Loan for any unpaid Xxxxx Fargo previously unreimbursed Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected Advances made by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loanthat it determines are Nonrecoverable Advances, it being understood thatunderstood, in the case of any each such reimbursement, that the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(viv) at such time a Mortgage Loan becomes a Charged-off Loan, to reimburse itself to the extent of funds held in the Custodial Account for remaining all unreimbursed Servicing Fees, Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect Monthly Advances owing to the Servicer relating to any defaulted Charged-off Loan accrued or advanced during any period prior to the date the Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredbecame a Charged-off Loan;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viiivi) to pay itself interest on funds deposited in the Custodial Account;
(ixvii) to transfer funds to another Eligible Institution in accordance with Section 3.11 3.10 hereof;
(viii) to invest funds in certain Eligible Investments in accordance with Section 3.10 hereof;
(ix) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(x) to withdraw funds deposited in error;; and
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Securities Corp 2005-S4)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 3.10 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Securities Corp. 2005-Rms1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(ia) to make payments remittances to the Master Servicer Trustee for deposit in the Payment Account in the amounts and in the manner provided for in Section 4.017.1;
(iib) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed (i) Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iiib) with respect to any Mortgage Loan being limited to amounts received on the related Liquidation ProceedsMortgage Loan which represent payments of principal and/or interest respecting which any such advance was made, including Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and or Liquidation Proceeds respecting which any such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage LoanServicing Advance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of Trustee, (ii) any unreimbursed Monthly Advances or Servicing Advances to the Trust Fundextent of funds held in the Custodial Account for future distributions that were not included in Available Distribution Amount for the preceding Distribution Date; provided, however, any funds so applied will be replaced by the Servicer by deposit into the Custodial Account no later than one Business day prior to the next Distribution Date on which such funds are required to be distributed, and (iii) Monthly Advances and Servicing Advances made in connection with the modification of a Mortgage Loan provided that such Monthly Advances or Servicing Advances were not reimbursed to the Servicer at the time of the modification;
(vc) to first reimburse itself for unreimbursed Servicing Advances, and for any unpaid Xxxxx Fargo Servicing Fees and then for unreimbursed Monthly Advances, to the extent that such amounts are deemed to be Non-recoverable Advances and to reimburse itself for such amounts to the Seller for any unpaid Seller Remittance Amount not paid pursuant extent that such amounts are deemed to clause (ii), be non-recoverable from the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect disposition of the related REO Property, Property or have been written off;
(d) to pay itself as part of its servicing compensation (i) any interest earned on funds in the Custodial Account and such other amounts (ii) the Servicing Fee from that portion of any payment or recovery as may be collected by the Servicer from the Mortgagor or otherwise relating to interest to a particular Mortgage Loan to the Mortgage Loanextent not previously withdrawn.
(e) to pay any amount required to be paid pursuant to Section 4.17 related to any REO Property, it being understood that, in the case of any such reimbursementexpenditure or withdrawal related to a particular REO Property, the Servicer’s and /or amount of such expenditure or withdrawal from the Seller’s right thereto Custodial Account shall be prior limited to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, Account with respect to the extent related REO Property;
(f) to reimburse itself for any Servicing Advances or REO expenses after liquidation of the Mortgaged Property not paid pursuant to clauses (ii) or (v) otherwise reimbursed above;
(viiig) to pay itself interest on funds deposited in the Custodial Accountpremiums with respect to any PPMI Policy;
(ixh) to transfer funds reimburse itself for any amounts paid pursuant to another Eligible Institution in accordance with Section 3.11 hereofSections 4.2 (and not otherwise previously reimbursed);
(xi) to withdraw funds deposited inadvertently placed in errorthe Custodial Account by the Servicer;
(xij) to clear and terminate the Custodial Account upon the termination of this Agreement;
(k) to transfer funds to another Eligible Account; and
(xiil) to pay itself an amount equal to the Net Simple Interest Excess invest funds only in Eligible Investments. The Servicer may use such withdrawn funds only for the related Due Period to purposes described in this Section 4.6. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the extent not offset by Net Simple Interest Shortfallspurpose of justifying any withdrawal from the Custodial Account.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (First NLC Trust 2005-2)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s 's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund;
(iv) to reimburse itself following a final liquidation of a Mortgage Loan for any previously unreimbursed Servicing Advances made by the Servicer that it determines are Nonrecoverable Advances, it being understood, in the case of each such reimbursement, that the Servicer's right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(xvii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(ix) to withdraw funds deposited in error;; and
(xix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Chase Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Chase Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances (excluding Capitalization Reimbursement Amounts, other than as provided for in Section 3.04(v)) and Servicing AdvancesAdvances (excluding Capitalization Reimbursement Amounts, other than as provided for in Section 3.04(v)) and unpaid Chase Servicing Fees and to reimburse the Seller for any unpaid Seller Remittance Amount, the Servicer’s right to reimburse itself and pay the Seller the Seller Remittance Amount pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto to reimburse itself and pay the Seller the Seller Remittance Amount shall be prior to the rights of the Trust Fund;
(iv) to reimburse itself following a final liquidation of a Mortgage Loan for any previously unreimbursed Servicing Advances (excluding Capitalization Reimbursement Amounts, other than as provided for in Section 3.04(v)) made by the Servicer that it determines are Nonrecoverable Advances and any unpaid Chase Servicing Fees and to reimburse the Seller for any unpaid Seller Remittance Amount, it being understood, in the case of each such reimbursement, that the Seller’s right to reimburse itself and to pay the Seller the Seller Remittance Amount shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received unreimbursed Capitalization Reimbursement Amounts solely from collections on account of principal in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust FundPool;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which each Prepayment Period in full, the Servicer has determined that all amounts that it expects to recover on behalf Prepayment Interest Excess Amount, if any, for the month of the Trust Fund from or on account of such Mortgage Loan have been recovereddistribution;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixviii) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(ix) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(x) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(xi) to withdraw funds deposited in error;
(xixii) to withdraw any Prepayment Charge deposited into the Custodial Account in error (regardless of whether or not such Prepayment Charge has been remitted) with respect to any Prepayment Period, but only to the extent that Prepayment Charge amounts on deposit in the Custodial Account from the related Mortgage Pool equal or exceed such Prepayment Charge deposited in error;
(xiii) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Sasco 2007-Bnc1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;[Reserved]
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself following a final liquidation of a Mortgage Loan for any unpaid Xxxxx Fargo previously unreimbursed Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected Advances made by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loanthat it determines are Nonrecoverable Advances, it being understood thatunderstood, in the case of any each such reimbursement, that the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvii) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(xviii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(ix) to withdraw funds deposited in error;; and
(xix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Securities Corp 2005-S1)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Trust Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Trust Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and or Servicing Advances, the Servicer’s 's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse following the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect liquidation of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the a Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and (a) any unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to clauses the related Mortgage Loan under Section 3.04(ii) and (iib) or (v) aboveany unreimbursed Nonrecoverable Advances made by the Servicer in accordance with this Agreement;
(viiiv) to pay itself interest on funds deposited in the Trust Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiivi) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(vii) to transfer funds to another Qualified Depository in accordance with Section 3.09 hereof;
(viii) to invest funds in certain Eligible Investments in accordance with Section 3.09 hereof;
(ix) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy; and
(x) to clear and terminate the Trust Custodial Account upon the termination of this Agreement.
(b) The Servicer shall from, time to time withdraw funds from the DA Reserve Account to be applied in the following manner:
(i) the amount of DA Dividends on deposit in the DA Reserve Account which are not refundable to the Mortgagors as a result of a DA Forfeiture Event with respect to the related DAD Mortgage Loans shall be withdrawn from the DA Reserve Account on each Remittance Date and paid to the Master Servicer for deposit into the Collection Account maintained by the Master Servicer pursuant to Section 4.01 of the Trust Agreement.
(ii) any amount of DA Dividends on deposit in the DA Reserve Account which is refundable to the Mortgagor of a DAD Mortgage Loan as the result of the non-occurrence of a DA Forfeiture Event with respect to such Mortgage Loan shall be withdrawn from the DA Reserve Account and paid to the related Mortgagor no later than twenty days following the related DA Anniversary Date on which the determination of eligibility for such refund is determined.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc2)
Permitted Withdrawals From Custodial Account. The Servicer shallmay, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;4.03(a); Transfer and Servicing Agreement
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iiiii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect on the related Mortgage Loan which represent late collections (net of the related REO Property, and Servicing Fees) of principal and/or interest respecting which any such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loanadvance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Noteholders, except that, where the Servicer is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Servicer’s right to such reimbursement shall be subsequent to the payment to the Trust Fundof the Purchase Price pursuant to such Section and all other amounts required to be paid to the Trust with respect to such Mortgage Loan;
(viii) to first reimburse itself for unreimbursed Monthly Advances and Servicing Advances and any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (iior REO administration fees described in Section 4.02(o)), the Servicer’s and/or the Seller’s right to reimbursement reimburse itself pursuant to this subclause (v3) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received Insurance Proceeds in respect accordance with the relevant provisions of the related Xxxxxx Xxx Guides or as otherwise set forth in this Agreement; any recovery shall be made upon liquidation of the REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(viiv) to reimburse pay to itself for remaining unreimbursed as part of its servicing compensation (a) any interest income or appreciation earned on funds in the Custodial Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date), (b) the Servicing Advances and unpaid Xxxxx Fargo Servicing Fees Fee from that portion of any payment or recovery as to interest with respect to any defaulted a particular Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredLoan;
(viiv) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid itself with respect to each Mortgage Loan that has been repurchased pursuant to clauses (ii) or (v) above;Section 3.03 all amounts received thereon and not distributed as of the date on which the related Purchase Price is determined,
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution Account in accordance with Section 3.11 4.02(i) hereof;
(xvii) to withdraw remove funds deposited inadvertently placed in errorthe Custodial Account by the Servicer;
(xiviii) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiiix) to pay reimburse itself an amount equal for any Nonrecoverable Advances and amounts reimbursable pursuant to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.Section 4.05(b) and Section 4.06(b). Transfer and Servicing Agreement
Appears in 1 contract
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer Collection Account, for ultimate payment by the Master Servicer to the Seller on the next succeeding Distribution DateSeller;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust FundIndenture Trustee and the Securityholders;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or and/or the Seller’s right thereto shall be prior to the rights of the Trust FundIndenture Trustee;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund Indenture Trustee and the Securityholders from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (SASCO Mortgage Loan Trust 2004-Gel3)
Permitted Withdrawals From Custodial Account. The Subject to Section 3.01, the Servicer shall, from time shall be entitled to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.013.01;
(ii) to deposit pay to itself the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer Servicing Fee (to the Seller on extent the next succeeding Distribution DateServicer has not retained the Servicing Fee);
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advancesof the Servicer’s funds made pursuant to Section 3.04, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to amounts received on the related Mortgage Loan (including without limitation, late recoveries of payments from the Mortgagor, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in Insurance Proceeds with respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, Loan to the extent collected) which represent late payments of principal and/or interest respecting which any such Monthly Advance was made; it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust FundOwner;
(viv) to first reimburse itself for unreimbursed Servicing Advances (except to the extent reimbursed pursuant to Section 2.07), any accrued but unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid unreimbursed advances of Servicer funds made pursuant to clause (ii)Section 2.15, the Servicer’s and/or the Seller’s right to reimbursement reimburse itself pursuant to this subclause (viv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust FundOwner;
(v) following the liquidation of a Mortgage Loan, to reimburse itself from amounts unrelated to the Mortgage Loan for any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 2.05(iii);
(vi) to reimburse itself for remaining any unreimbursed Servicing Nonrecoverable Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which made by the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredin accordance with this Agreement;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit invest funds in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) aboveEligible Investments in accordance with Section 2.09;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xiix) to pay itself any interest earned on funds deposited in the Custodial Account and to withdraw any Prepayment Interest Excesses (but only to the extent not required to offset Prepayment Interest Shortfalls and only to the extent such amounts are actually received by the Servicer);
(x) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiixi) to pay itself an amount equal transfer amounts in the Custodial Account relating to the Net Simple Interest Excess for the related Due Period transfer of servicing of applicable Mortgage Loans to the extent not offset by Net Simple Interest Shortfallsa subservicer or successor servicer.
Appears in 1 contract
Samples: Servicing Agreement (Morgan Stanley Mortgage Loan Trust 2007-12)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and or Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse following the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect liquidation of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the a Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and (a) any unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to clauses the related Mortgage Loan under Section 3.04(ii) and (iib) or (v) aboveany unreimbursed Nonrecoverable Advances made by the Servicer in accordance with this Agreement;
(viiiv) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiivi) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(vii) to transfer funds to another Qualified Depository in accordance with Section 3.09 hereof;
(viii) to invest funds in certain Eligible Investments in accordance with Section 3.09 hereof;
(ix) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(x) to withdraw funds deposited in error; and
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Series 2003 Bc3)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iiiiv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund, provided that reimbursement for Capitalized Reimbursement Amounts shall be made only out of the principal portion of such amounts;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for any Capitalization Reimbursement Amounts to the extent not previously reimbursed solely from collections on account of principal in the related Mortgage Pool;
(vii) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered; provided that such reimbursement is made solely from collections on account of principal in the related Mortgage Pool;
(viiviii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viiiix) to pay itself interest on funds deposited in the Custodial Account;
(ixx) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(xxi) to withdraw funds deposited in error;
(xixii) to withdraw any Prepayment Charge deposited into the Custodial Account in error (regardless of whether or not such Prepayment Charge has been remitted) with respect to any Prepayment Period, but only to the extent that Prepayment Charge amounts on deposit in the Custodial Account from the related Mortgage Pool equal or exceed such Prepayment Charge deposited in error;
(xiii) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiixiv) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Sasco 2007-Bnc1)
Permitted Withdrawals From Custodial Account. The Subject to Section 3.01, the Servicer shall, from time shall be entitled to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.013.01;
(ii) to deposit pay to itself the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer Servicing Fee (to the Seller on extent the next succeeding Distribution DateServicer has not retained the Servicing Fee);
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Servicing Advances and unreimbursed Monthly Advances (except to the extent reimbursed pursuant to Section 2.09), any accrued but unpaid Servicing Fees and Servicing Advancesfor unreimbursed advances of the Servicer funds made pursuant to Section 2.17, the Servicer’s 's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s 's right thereto shall be prior to the rights of the Trust FundOwner;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself from amounts unrelated to the Mortgage Loan for any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan;
(v) to reimburse itself for any unreimbursed Nonrecoverable Advances made by the Servicer in accordance with this Agreement;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit invest funds in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution Investments in accordance with Section 3.11 hereof;2.11
(xvii) to withdraw funds deposited in error;
(xiviii) to pay itself any interest earned on funds deposited in the Custodial Account (all such interest to be withdrawn monthly not later than each Remittance Date);
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiix) to pay itself an amount equal to reimburse the Net Simple Interest Excess Owner from its own funds without reimbursement for any losses on amounts on deposit in the related Due Period to the extent not offset by Net Simple Interest ShortfallsCustodial Account which were invested in Eligible Investments.
Appears in 1 contract
Permitted Withdrawals From Custodial Account. The Special Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Special Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Transferred Mortgage Loan (including late collections of interest on such Transferred Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Transferred Mortgage Loan;
; (iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, Advances made by it (A) that it determines in good faith will not be recoverable from amounts representing late recoveries of payments of principal or interest respecting the Servicer’s right particular Transferred Mortgage Loan as to reimburse itself pursuant to this subclause (iii) which such Monthly Advance or Servicing Advance was made or from Liquidation Proceeds or Insurance Proceeds with respect to any such Transferred Mortgage Loan being limited and/or (B) to the extent that such unreimbursed Monthly Advances and Servicing Advances exceed the related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Special Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer Collection Account, for ultimate payment by the Master Servicer to the Seller on the next succeeding Distribution DateSeller;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s 's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii)Fees, the Servicer’s and/or the Seller’s 's right to reimbursement reimburse itself pursuant to this subclause (viv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s 's right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixviii) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(xix) to withdraw funds deposited in error;
(xix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiixi) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Securities Corp)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial AccountAccount or to retain Ancillary Income, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage LoanLoan and to pay itself such Ancillary Income;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Servicing Advances and Servicing Monthly Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo previously unreimbursed Monthly Advances or Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected Advances made by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loanthat it determines are Nonrecoverable Advances, it being understood thatunderstood, in the case of any each such reimbursement, that the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 3.10 hereof;
(xvii) to invest funds in certain Eligible Investments in accordance with Section 3.10 hereof;
(viii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(ix) to withdraw funds deposited in error;
(x) with respect to any Principal Payment in full, to pay itself any related Principal Prepayment Excess Amount; and
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003 Bc1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing AdvancesAdvances (including Servicing Advances made by a Prior Servicer which were previously reimbursed by the Servicer, to the extent applicable), the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) following the liquidation of a Mortgage Loan, to first reimburse itself for (a) any unpaid Xxxxx Fargo Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.04(ii) and then to reimburse (b) any unreimbursed Nonrecoverable Advances made by the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to Servicer in accordance with this subclause Agreement;
(v) with respect at such time a Mortgage Loan becomes a Charged-off Loan, the Servicer may reimburse itself to the extent of funds held in the Custodial Account for all unreimbursed Servicing Fees, Servicing Advances and Monthly Advances owing to the Servicer relating to any Mortgage Charged-off Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor accrued or otherwise relating to the Mortgage Loan, it being understood that, in the case of advanced during any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be period prior to the rights of date the Trust FundMortgage Loan became a Charged-off Loan;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiivii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(viii) to transfer funds to another Eligible Institution in accordance with Section 3.09 hereof;
(ix) to invest funds in certain Eligible Investments in accordance with Section 3.09 hereof;
(x) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(xi) with respect to any Principal Prepayment in full, to pay itself any related Prepayment Interest Excess Amount;
(xii) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor’s banking institution; and
(xiii) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 1 contract
Samples: Trust Agreement (Sasco 2006-S2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iiiiv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) at such time a Mortgage Loan becomes a Charged-off Loan, to reimburse itself to the extent of funds held in the Custodial Account for all unreimbursed Xxxxx Fargo Servicing Fees, Servicing Advances and Monthly Advances owing to the Servicer relating to any Charged-off Loan accrued or advanced during any period prior to the date the Mortgage Loan became a Charged-off Loan;
(ix) to pay itself interest on funds deposited in the Custodial Account;
(ixx) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(xxi) to withdraw funds deposited in error;
(xixii) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiixiii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Securities Corp. 2005 S-3)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo GMAC Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo GMAC Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation or other recovery of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself first for any unpaid Xxxxx Fargo GMAC Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or and or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or and/or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Monthly Advances and unpaid Xxxxx Fargo Servicing Advances, GMAC Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay itself interest on funds deposited in the Custodial Account;
(viii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(xi) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(xii) to withdraw funds deposited in error;; and
(xixiii) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Securities Corp 2005-S1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Servicing Advances and Servicing Monthly Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(iv) to reimburse itself following a final liquidation of a Mortgage Loan for any previously unreimbursed Monthly Advances and /or Servicing Advances made by the SellerServicer that it determines are Nonrecoverable Advances, it being understood, in the case of each such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(xvii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(ix) to withdraw funds deposited in error;; and
(xix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 Am1)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Trust Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Trust Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and or Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse following the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect liquidation of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the a Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and (a) any unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to clauses the related Mortgage Loan under Section 3.04(ii) and (iib) or (v) aboveany unreimbursed Nonrecoverable Advances made by the Servicer in accordance with this Agreement;
(viiiv) to pay itself interest on funds deposited in the Trust Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiivi) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(vii) to transfer funds to another Qualified Depository in accordance with Section 3.09 hereof;
(viii) to invest funds in certain Eligible Investments in accordance with Section 3.09 hereof;
(ix) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy; and
(x) to clear and terminate the Trust Custodial Account upon the termination of this Agreement.
(b) The Servicer shall from time to time withdraw amounts attributable to DA Dividends from the Trust Custodial Account to be applied in the following manner:
(i) that amount of DA Dividends on deposit in the Trust Custodial Account which is not refundable to the Mortgagors as a result of a DA Forfeiture Event with respect to the related DAD Mortgage Loans shall be withdrawn from the Trust Custodial Account on each Remittance Date and paid to the Master Servicer for deposit into the Collection Account maintained by the Master Servicer pursuant to Section 4.01 of the Trust Agreement; and
(ii) that amount of DA Dividends on deposit in the Trust Custodial Account which is refundable to the Mortgagor of a DAD Mortgage Loan as the result of the non-occurrence of a DA Forfeiture Event with respect to such Mortgage Loan shall be withdrawn from the Trust Custodial Account and paid to the related Mortgagor no later than twenty days following the related DA Anniversary Date on which the determination of eligibility for such refund is determined.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003 Ff3)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing AdvancesAdvances (including Servicing Advances made by a Prior Servicer which were previously reimbursed by the Servicer, to the extent applicable), the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund. In addition, at such time a Second Lien Mortgage Loan becomes a Charged-off Loan, the Servicer may reimburse itself to the extent of funds held in the Custodial Account for all unreimbursed Servicing Fees, Servicing Advances and Monthly Advances owing to the Servicer relating to any Charged-off Loan accrued or advanced during any period prior to the date the Second Lien Mortgage Loan became a Charged-off Loan;
(viv) (a) following the liquidation of a Mortgage Loan, to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to clauses the related Mortgage Loan under Section 3.04(ii) and (iib) or (v) aboveany unreimbursed Nonrecoverable Advances made by the Servicer in accordance with this Agreement;
(viiiv) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiivi) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(vii) to transfer funds to another Eligible Institution in accordance with Section 3.09 hereof;
(viii) to invest funds in certain Eligible Investments in accordance with Section 3.09 hereof;
(ix) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(x) with respect to any Principal Prepayment in full, to pay itself any related Prepayment Interest Excess Amount for the related Principal Prepayment Period to the extent not offset by any related Prepayment Interest Shortfall Amount;
(xi) to withdraw funds deposited in error or for which amounts previously deposited are returned unpaid by the related Mortgagor’s banking institution;
(xii) to reimburse itself for litigation expenses incurred on behalf of the Trust Fund in connection with the performance of its duties as Servicer; provided, that the Servicer shall only reimburse itself pursuant to this clause with the reasonable prior written approval of the Master Servicer;
(xiii) to reimburse itself for any unreimbursed Monthly Advances from amounts in the Custodial Account not required to be remitted to the Master Servicer on the next Remittance Date; and
(xiv) to clear and terminate the Custodial Account upon the termination of this Agreement; provided that, notwithstanding anything contained in this Agreement to the contrary, the Servicer shall only make (and shall only be entitled to) a withdrawal with respect to Servicing Advances referenced in clause (iii) of this Section 3.04 (as it relates to reimbursement of Servicing Advances and Monthly Advances only) if (i) prior to the withdrawal (a) the Servicer has notified the Master Servicer of such withdrawal and (b) upon request, the Servicer has provided documentation to the Master Servicer supporting such planned withdrawal and (ii) such withdrawal is made within ninety (90) calendar days of the liquidation.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Osi)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances Advances, Servicing Fees and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse following the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect liquidation of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the a Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and (a) any unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to clauses the related Mortgage Loan under Section 3.04(ii) and (iib) or (v) aboveany unreimbursed Nonrecoverable Advances made by the Servicer in accordance with this Agreement;
(viiiv) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiivi) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(vii) to transfer funds to another Qualified Depository in accordance with Section 3.09 hereof;
(viii) to invest funds in certain Eligible Investments in accordance with Section 3.09 hereof;
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 S1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial AccountAccount or to retain Ancillary Income, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage LoanLoan and to pay itself such Ancillary Income;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Servicing Advances and Servicing Monthly Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo previously unreimbursed Monthly Advances or Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected Advances made by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loanthat it determines are Nonrecoverable Advances, it being understood thatunderstood, in the case of any each such reimbursement, that the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 3.10 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.10 hereof;
(viii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(ix) to pay itself an amount equal to the Net Simple Interest Excess, if any, for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(x) to withdraw funds deposited in error;
(xi) with respect to any Principal Payment in full (other than with respect to any Simple Interest Mortgage Loan), to pay itself any related Prepayment Interest Excess Amount; and
(xii) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2003-Bc2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Welxx Xxrgo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Welxx Xxrgo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Welxx Xxrgo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Welxx Xxrgo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (BNC Mortgage Loan Trust 2006-2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and or Servicing AdvancesAdvances (including Servicing Advances made by a Prior Servicer which were previously reimbursed by the Servicer, to the extent applicable), the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse following the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect liquidation of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the a Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and (a) any unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to clauses the related Mortgage Loan under Section 3.04(ii) and (iib) or (v) aboveany unreimbursed Nonrecoverable Advances made by the Servicer in accordance with this Agreement;
(viiiv) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiivi) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(vii) to transfer funds to another Eligible Institution in accordance with Section 3.09 hereof;
(viii) to invest funds in certain Eligible Investments in accordance with Section 3.09 hereof;
(ix) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy; and
(x) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Investment Loan Trust Series 2004-11)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iiiiv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Securities Corp 2005-S2)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo previously unreimbursed Monthly Advances or Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected Advances made by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loanthat it determines are Nonrecoverable Advances, it being understood thatunderstood, in the case of any each such reimbursement, that the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(xvii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(ix) to withdraw funds deposited in error;; and
(xix) to clear and terminate the Custodial Account upon the termination of this Agreement.
(b) The Servicer shall from, time to time withdraw funds from the DA Reserve Account to be applied in the following manner:
(i) that amount of DA Dividends on deposit in the DA Reserve Account which are not refundable to the Mortgagors as a result of a DA Forfeiture Event with respect to the related DAD Mortgage Loans shall be withdrawn from the DA Reserve Account on each Remittance Date and paid to the Master Servicer for deposit into the Collection Account maintained by the Master Servicer pursuant to Section 4.01 of the Trust Agreement;
(ii) any amount of DA Dividends on deposit in the DA Reserve Account which is refundable to the Mortgagor of a DAD Mortgage Loan as the result of the non-occurrence of a DA Forfeiture Event with respect to such Mortgage Loan shall be withdrawn from the DA Reserve Account and paid to the related Mortgagor no later than twenty days following the related DA Anniversary Date on which the determination of eligibility for such refund is determined;
(iii) to pay itself investment earnings on funds deposited into the DA Reserve Account; and
(xiiiv) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfallsinvest funds in certain Eligible Investments in accordance with Section 3.11 hereof.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc3)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Xxxxxx Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Xxxxxx Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, Advances made by it (A) that it determines in good faith will not be recoverable from amounts representing late recoveries of payments of principal or interest respecting the Servicer’s right particular Mortgage Loan as to reimburse itself pursuant to this subclause (iii) which such Monthly Advance or Servicing Advance was made or from Liquidation Proceeds or Insurance Proceeds with respect to any such Mortgage Loan being limited and/or (B) to the extent that such unreimbursed Monthly Advances and Servicing Advances exceed the related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(iv) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iv) with respect to any Mortgage Loan being limited to such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for deposit any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant into the Collection Account, for ultimate payment to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvii) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(viii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(ix) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(x) to withdraw funds deposited in error;; and
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Finance America Mortgage Loan Trust 2004-1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo GMAC Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo GMAC Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation or other recovery of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iiiiv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself first for any unpaid Xxxxx Fargo GMAC Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or and or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or and/or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Monthly Advances and unpaid Xxxxx Fargo Servicing Advances, GMAC Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay itself interest on funds deposited in the Custodial Account;
(viii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(xi) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(xii) to withdraw funds deposited in error;; and
(xixiii) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Asset Securities Corp 2005-S2)
Permitted Withdrawals From Custodial Account. The Servicer shallshall have the sole power and authority to withdraw funds from the Custodial Account and reimburse Subservicer for expenses incurred by it as subservicer pursuant to the terms of this Agreement. Notwithstanding the foregoing, the Servicer hereby permits the Subservicer, solely for the Servicer’s convenience and solely in a custodial and administrative capacity only, to, unless the Servicer has revoked such permission in its sole and absolute discretion or an Event of Default has occurred, withdraw, from time to time, withdraw funds from the related Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.015.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Subservicing Advances to extent legally recoverable, and for any unpaid Servicing AdvancesFees, the ServicerSubservicer’s right to reimburse itself pursuant to this subclause (iiiii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer Subservicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the SellerSubservicer’s right thereto shall be prior to the rights of the Trust FundServicer;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viiiiii) to pay itself interest on funds deposited in the Custodial Account;
(ixiv) to transfer funds pay any amount required to another Eligible Institution be paid pursuant to Section 2.07 related to any REO Property, it being understood that, in accordance the case of any such expenditure or withdrawal related to a particular REO Property, the amount of such expenditure or withdrawal from the Custodial Account shall be limited to amounts on deposit in the Custodial Account with Section 3.11 hereofrespect to the related REO Property;
(xv) to withdraw funds deposited in errorreimburse itself for any undisputed Subservicing Advances or REO expenses after the REO Disposition or liquidation of the Mortgaged Property not otherwise reimbursed above to the extent legally recoverable;
(xivi) to remove funds inadvertently placed in the Custodial Account by the Subservicer; and
(vii) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) . In the event that the Custodial Account is interest bearing, on either the Interim Remittance Date or Normal Remittance Date, as applicable, the Subservicer shall withdraw all funds from the Custodial Account except for those amounts which, pursuant to pay itself an amount equal Section 5.01, the Subservicer is not obligated to the Net Simple Interest Excess remit on such Interim Remittance Date or Normal Remittance Date, as applicable. The Subservicer may use such withdrawn funds only for the related Due Period to the extent not offset by Net Simple Interest Shortfallspurposes described in this Section 2.09.
Appears in 1 contract
Permitted Withdrawals From Custodial Account. The Servicer shallmay, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.014.03(a);
(ii) to deposit reimburse itself for Monthly Advances, the Seller Remittance Amount into Servicer's right to reimburse itself pursuant to this subclause (ii) being limited to amounts received on the collection account maintained by related 201359 HomeBanc 2006-2 Transfer and Servicing Agreement Mortgage Loan which represent late collections (net of the Master Servicer for payment by related Servicing Fees) of principal and/or interest respecting which any such advance was made, it being understood that, in the Master Servicer case of such reimbursement, the Servicer's right thereto shall be prior to the Seller on rights of the next succeeding Distribution DateNoteholders, except that, where the Servicer is required to repurchase a Mortgage Loan, pursuant to Section 3.03, the Servicer's right to such reimbursement shall be subsequent to the payment to the Trust of the Purchase Price pursuant to such Section and all other amounts required to be paid to the Trust with respect to such Mortgage Loan;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing AdvancesAdvances and any unpaid Servicing Fees (or REO administration fees described in Section 4.02(o)), the Servicer’s 's right to reimburse itself pursuant to this subclause (iii3) with respect to any Mortgage Loan being limited to related proceeds from Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received Insurance Proceeds in respect accordance with the relevant provisions of the related Xxxxxx Xxx Guides or as otherwise set forth in this Agreement; any recovery shall be made upon liquidation of the REO Property;
(iv) to pay to itself as part of its servicing compensation (a) any interest income or appreciation earned on funds in the Custodial Account (all such interest to be withdrawn monthly not later than each Servicer Remittance Date), and such other amounts (b) the Servicing Fee from that portion of any payment or recovery as may be collected by the Servicer from the Mortgagor or otherwise relating to such interest with respect to a particular Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse pay to itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any each Mortgage Loan being limited that has been repurchased pursuant to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other Section 3.03 all amounts received in respect thereon and not distributed as of the date on which the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust FundPurchase Price is determined;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution Account in accordance with Section 3.11 4.02(i) hereof;
(xvii) to withdraw remove funds deposited inadvertently placed in errorthe Custodial Account by the Servicer;
(xiviii) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiiix) to pay reimburse itself an amount equal for any Nonrecoverable Advances and amounts reimbursable pursuant to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest ShortfallsSection 4.05(b) and Section 4.06(b).
Appears in 1 contract
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and or Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust FundIndenture Trustee;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for (a) any unpaid Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the related Mortgage Loan under Section 3.04(ii) and (b) any unreimbursed Nonrecoverable Advances made by the Servicer in accordance with this Agreement;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiivi) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(vii) to transfer funds to another Qualified Depository in accordance with Section 3.09 hereof;
(viii) to invest funds in certain Eligible Investments in accordance with Section 3.09 hereof;
(ix) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy; and
(x) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Sasco Mortgage Loan Trust Series 2003-Gel1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer Collection Account, for ultimate payment by the Master Servicer to the Seller on the next succeeding Distribution DateSeller;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s 's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s 's right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii)Fees, the Servicer’s and/or the Seller’s 's right to reimbursement reimburse itself pursuant to this subclause (viv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s 's right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixviii) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(xix) to withdraw funds deposited in error;
(xix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiixi) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial AccountAccount or to retain Ancillary Income, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage LoanLoan and to pay itself such Ancillary Income;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Servicing Advances and Servicing Monthly Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo previously unreimbursed Monthly Advances or Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected Advances made by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loanthat it determines are Nonrecoverable Advances, it being understood thatunderstood, in the case of any each such reimbursement, that the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 3.10 hereof;
(xvii) to invest funds in certain Eligible Investments in accordance with Section 3.10 hereof;
(viii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy
(ix) to withdraw funds deposited in error;; and
(xix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Cert Ser 2002-Bc10)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Servicing Advances and Servicing Monthly Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(iv) to reimburse itself following a final liquidation of a Mortgage Loan for any previously unreimbursed Monthly Advances, Servicing Fees and /or Servicing Advances made by the SellerServicer that it determines are Nonrecoverable Advances, it being understood, in the case of each such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiivi) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(vii) to transfer funds to another Qualified Depository in accordance with Section 3.11 hereof;
(viii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(ix) to withdraw funds deposited in error;
(x) to clear and terminate the Custodial Account upon the termination of this Agreement;
(xi) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03 herein, but only to the extent such amounts are determined to be reimbursable by the Trust Fund pursuant to Section 6.03; and
(xii) with respect to any Principal Prepayment in full, to pay itself any related Prepayment Interest Excess Amount.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 S1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Servicing Advances and unpaid Servicing AdvancesFees, the Servicer’s 's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s 's right thereto shall be prior to the rights of the Trust FundOwner;
(viiv) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund Owner from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(xvii) to withdraw funds deposited in error;; and
(xiviii) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Flow Subservicing Agreement (Structured Adjustable Rate Mortgage Loan Trust)
Permitted Withdrawals From Custodial Account. The Subject to Section 3.01, the Servicer shall, from time shall be entitled to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.013.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master pay itself any Servicing Fee and Other Fees (including any accrued and unpaid Servicing Fees and Other Fees) due and payable to Servicer for payment by the Master Servicer from Monthly Payments, Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to the Seller on related Mortgage Loan; (to the next succeeding Distribution Dateextent the Servicer has not retained the Servicing Fee);
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect reimburse itself for unpaid HELOC Draw Advances pursuant to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage LoanSection 3.03;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Servicing Advances (except to the extent reimbursed pursuant to Section 2.07), any accrued but unpaid Servicing Fees, Other Fees and Servicing Advancesfor unreimbursed advances of Servicer funds made pursuant to Section 2.15, the Servicer’s 's right to reimburse itself pursuant to this subclause (iiiiv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, and it being understood that, in the case of any such reimbursement, Servicer shall have the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fundreimbursement at such time that a Mortgage Loan is no longer an Active Mortgage Loan;
(v) to invest funds in Eligible Investments in accordance with Section 2.09;
(vi) following the liquidation of a Mortgage Loan, to reimburse itself for remaining unreimbursed Servicing Advances and (a) any unpaid Xxxxx Fargo Servicing Fees to the extent not recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to any defaulted the related Mortgage Loan as to which under Section 2.05(iii) and (b) any unpaid Ancillary Income due Servicer on each Mortgage Loan and (c) any unreimbursed Nonrecoverable Advances made by the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredin accordance with this Agreement;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above[reserved];
(viii) to withdraw funds deposited in the Custodial Account in error;
(ix) to pay itself any interest earned on funds deposited in the Custodial Account;
Account (ix) all such interest to transfer funds to another Eligible Institution in accordance with Section 3.11 hereofbe withdrawn monthly not later than each Remittance Date);
(x) to withdraw funds deposited pay itself Cost of Funds in errorconnection with HELOC Draw Advances and Servicing Advances in accordance with Section 3.03;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal withdraw Principal Prepayments in part or in full plus any principal and interest payments due to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest ShortfallsCollection Account on a Whole Loan Transfer or a Securitization Transfer.
Appears in 1 contract
Samples: Flow Servicing Agreement (Merrill Lynch Mortgage Investors Trust, Series 2006-Sl2)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Wells Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with xxxx respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Wells Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest xxxxrest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Wells Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant xxxxuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Wells Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that determinxx xxat all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Subservicing Agreement (SASCO Mortgage Pass-Through Certifidates, Series 2005-Wmc1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and or Servicing AdvancesAdvances (including Servicing Advances made by a Prior Servicer which were previously reimbursed by the Servicer, to the extent applicable), the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse following the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect liquidation of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the a Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and (a) any unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to clauses the related Mortgage Loan under Section 3.04(ii) and (iib) or (v) aboveany unreimbursed Nonrecoverable Advances made by the Servicer in accordance with this Agreement;
(viiiv) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiivi) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(vii) to transfer funds to another Eligible Institution in accordance with Section 3.09 hereof;
(viii) to invest funds in certain Eligible Investments in accordance with Section 3.09 hereof;
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Securities Corp 2005-S1)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(ia) to make payments to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.015.01;
(iib) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advancesof the Servicer’s funds made pursuant to Section 5.03, the Servicer’s right to reimburse itself pursuant to this subclause sub-clause (iiib) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of on the related REO Property, and Mortgage Loan which represent late payments of principal and/or interest respecting which any such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loanadvance was made, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust FundOwner;
(vc) to first reimburse itself for any unpaid Xxxxx Fargo unreimbursed Servicing Fees Advances, and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii)Servicing Fees, the Servicer’s and/or the Seller’s right to reimbursement reimburse itself pursuant to this subclause (vc) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust FundOwner;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viiid) to pay itself interest on funds deposited in the Custodial AccountAccount if such interest amount was previously credited;
(ixe) to transfer funds reimburse itself for expenses incurred and reimbursable to another Eligible Institution in accordance with it pursuant to Section 3.11 hereof8.01;
(xf) to withdraw funds deposited pay any amount required to be paid pursuant to Section 4.16 related to any REO Property, it being understood that, in errorthe case of any such expenditure or withdrawal related to a particular REO Property, the amount of such expenditure or withdrawal from the Custodial Account shall be limited to amounts on deposit in the Custodial Account with respect to the related REO Property;
(xig) to reimburse itself for any Servicing Advances or REO expenses after liquidation of the Mortgaged Property not otherwise reimbursed above;
(h) to remove funds inadvertently placed in the Custodial Account by the Servicer; and
(i) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) . In the event that the Custodial Account is interest bearing, on each Remittance Date, the Servicer shall withdraw all funds from the Custodial Account except for those amounts which, pursuant to pay itself an amount equal Section 5.01, the Servicer is not obligated to the Net Simple Interest Excess remit on such Remittance Date. The Servicer may use such withdrawn funds only for the related Due Period purposes described in this Section 4.05. The Servicer shall keep and maintain separate accounting, on a Mortgage Loan by Mortgage Loan basis, for the purpose of justifying any withdrawal from the Custodial Account, to the extent not offset held by Net Simple Interest Shortfallsor on behalf of it, pursuant to sub-clauses (c), (e), (f) and (g) above.
Appears in 1 contract
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Chase Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Chase Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing AdvancesAdvances (in each case, excluding Capitalization Reimbursement Amounts) and unpaid Chase Servicing Fees and to reimburse the Seller for any unpaid Seller Remittance Amount, the Servicer’s right to reimburse itself and pay the Seller the Seller Remittance Amount pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto to reimburse itself and pay the Seller the Seller Remittance Amount shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unreimbursed Capitalization Reimbursement Amounts solely from collections on account of principal in the related Mortgage Pool;
(v) to reimburse itself following a final liquidation of a Mortgage Loan for any previously unreimbursed Servicing Advances made by the Servicer that it determines are Nonrecoverable Advances and any unpaid Xxxxx Fargo Chase Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii)Amount, it being understood, in the Servicer’s and/or case of each such reimbursement, that the Seller’s right to reimbursement pursuant reimburse itself and to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of pay the related REO Property, and such other amounts as may be collected by Seller the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto Seller Remittance Amount shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees withdraw any Prepayment Charge deposited to the Custodial Account in error (regardless of whether or not such Prepayment Charge has been remitted) with respect to any defaulted Principal Prepayment Period, but only to the extent that Prepayment Charges on deposit in the Custodial Account with respect to the related Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from Pool equal or on account of exceed such Mortgage Loan have been recoveredPrepayment Charges deposited in error;
(vii) with respect to pay each Principal Prepayment in full, the Seller Prepayment Interest Excess Amount, if any, for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) abovemonth of distribution;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(xi) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(xii) to withdraw funds deposited in error;error other than Prepayment Charges deposited in error (which may be solely withdrawn pursuant to clause (vi) of this Section 3.04); and
(xixiii) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Securities CORP Mortgage Loan Trust 2007-Bc4)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo previously unreimbursed Monthly Advances or Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected Advances made by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loanthat it determines are Nonrecoverable Advances, it being understood thatunderstood, in the case of any each such reimbursement, that the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(vii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(ix) to withdraw the Pool Insurance Premium Payment for payment to the Pool Insurer in accordance with Section 3.23;
(x) to withdraw funds deposited in error;; and
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Servicing Agreement (First Franklin Mortgage Loan Trust 2003-FFB)
Permitted Withdrawals From Custodial Account. (a) The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust FundIndenture Trustee;
(viv) to first reimburse itself following a final liquidation of a Mortgage Loan for any unpaid Xxxxx Fargo previously unreimbursed Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected Advances made by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loanthat it determines are Nonrecoverable Advances, it being understood thatunderstood, in the case of any each such reimbursement, that the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust FundIndenture Trustee;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(xvii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(viii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(ix) to withdraw funds deposited in error;; and
(xix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Securitization Servicing Agreement (SASCO Mortgage Loan Trust 2004-Gel3)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Owner in the amounts and in the manner provided for in Section 4.015.01;
(ii) to deposit reimburse itself for Monthly Advances of the Seller Remittance Amount into Servicer's funds made pursuant to Section 5.03, the collection account maintained Servicer's right to reimburse itself pursuant to this sub clause (ii) being limited to amounts received on the related Mortgage Loan which represent late Monthly Payments, Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds and such other amounts as may be collected by the Master Servicer for payment by respecting which any such advance was made, it being understood that, in the Master Servicer case of any such reimbursement, the Servicer's right thereto shall be prior to the Seller on rights of Owner, and all other amounts required to be paid to the next succeeding Distribution DateOwner with respect to such Mortgage Loan;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, and for any unpaid Servicing Fees, the Servicer’s 's right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s 's right thereto shall be prior to the rights of the Trust FundOwner;
(viiv) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recoveredreserved;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(vi) to reimburse itself for expenses incurred and reimbursable to it pursuant to Section 8.01;
(vii) to pay any amount required to be paid pursuant to Section 4.16 related to any REO Property, it being understood that, in the case of any such expenditure or withdrawal related to a particular REO Property, the amount of such expenditure or withdrawal from the Custodial Account shall be limited to amounts on deposit in the Custodial Account with respect to the related REO Property;
(viii) to reimburse itself for any Servicing Advances or REO expenses after liquidation of the Mortgaged Property not otherwise reimbursed above;
(ix) to transfer remove funds to another Eligible Institution inadvertently placed in accordance with Section 3.11 hereof;the Custodial Account by the Servicer; and
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) . In the event that the Custodial Account is interest bearing, on each Remittance Date, the Servicer shall withdraw all funds from the Custodial Account except for those amounts which, pursuant to pay itself an amount equal Section 5.01, the Servicer is not obligated to the Net Simple Interest Excess remit on such Remittance Date. The Servicer may use such withdrawn funds only for the related Due Period to the extent not offset by Net Simple Interest Shortfallspurposes described in this Section 4.05.
Appears in 1 contract
Samples: Servicing Agreement (Luminent Mortgage Trust 2007-2)
Permitted Withdrawals From Custodial Account. The Servicer NYMT Servicing shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.014.03(a);
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer NYMT Servicing has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in into the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the ServicerNYMT Servicing’s right to reimburse itself pursuant to this subclause (iii3) with respect to any Mortgage Loan being limited to related Liquidation ProceedsProceeds (net of Liquidation Expenses), Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer NYMT Servicing from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the ServicerNYMT Servicing’s right thereto shall be prior to the rights of the Trust FundCertificateholders;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo previously unreimbursed Advances or Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage LoanAdvances that it determines are Nonrecoverable Advances, it being understood thatunderstood, in the case of any each such reimbursement, the Servicer’s and /or the Sellerthat NYMT Servicing’s right thereto shall be prior to the rights of the Trust FundCertificateholders;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest investment earnings on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution Account in accordance with Section 3.11 4.02(j) hereof;
(xvii) to invest funds in certain Eligible Investments in accordance with Section 4.02(d)(i) and Section 4.02(i) hereof;
(viii) to withdraw funds deposited in error;
(xiix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiix) to pay itself an amount equal to the Net Simple any Prepayment Interest Excess for the related Due Period to the extent not offset by Net Simple Interest ShortfallsAmount.
Appears in 1 contract
Samples: Pooling and Servicing Agreement (NYMT Securities CORP)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer Collection Account, for ultimate payment by the Master Servicer to the Seller on the next succeeding Distribution DateSeller;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii)Fees, the Servicer’s and/or the Seller’s right to reimbursement reimburse itself pursuant to this subclause (viv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixviii) to transfer funds to another Eligible Institution Qualified Depository in accordance with Section 3.11 hereof;
(xix) to withdraw funds deposited in error;; and
(xix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Samples: Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2003-Bc11)
Permitted Withdrawals From Custodial Account. The Interim Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Purchaser in the amounts and in the manner provided for in Section 4.013.01;
(ii) with respect to deposit each LPMI Loan, in the Seller Remittance Amount into amount of the collection account maintained by the Master Servicer LPMI Fee, to make payments with respect to premiums for payment by the Master Servicer to the Seller on the next succeeding Distribution DateLPMI Policies;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Servicing Advances and any unpaid Servicing AdvancesFees, the Interim Servicer’s 's right to reimburse itself pursuant to this subclause (iiiii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Interim Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Interim Servicer’s and /or the Seller’s 's right thereto shall be prior to the rights of the Trust FundPurchaser except that, where the Interim Servicer is required to repurchase a Mortgage Loan pursuant to Section 4.02 of this Agreement, the Interim Servicer's right to such reimbursement shall be subsequent to the payment to the Purchaser of the Repurchase Price pursuant to such sections and all other amounts required to be paid to the Purchaser with respect to such Mortgage Loan;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viiiiv) to pay itself interest on funds deposited in the Custodial Account;
(ixv) to transfer funds reimburse itself for expenses incurred and reimbursable to another Eligible Institution in accordance with it pursuant to Section 3.11 hereof4.03;
(x) to withdraw funds deposited in error;
(xivi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiivii) to pay itself an amount equal withdraw funds deposited in error. In the event that the Custodial Account is interest bearing, on each Remittance Date, the Interim Servicer shall withdraw all funds from the Custodial Account except for those amounts which, pursuant to Section 3.01, the Net Simple Interest Excess Interim Servicer is not obligated to remit on such Remittance Date. The Interim Servicer may use such withdrawn funds only for the related Due Period to the extent not offset by Net Simple Interest Shortfallspurposes described in this Section 2.04.
Appears in 1 contract
Samples: Master Interim Servicing Agreement (Structured Asset Sec Corp Mor Pass Thru Cer Ser 2002-10h)
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer Servicer, in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Servicing Advances and Servicing Monthly Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(iv) to reimburse itself following a final liquidation of a Mortgage Loan for any previously unreimbursed Monthly Advances and /or Servicing Advances made by the SellerServicer that it determines are Nonrecoverable Advances, it being understood, in the case of each such reimbursement, that the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiivi) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(vii) to transfer funds to another Qualified Depository in accordance with Section 3.11 hereof;
(viii) to invest funds in certain Eligible Investments in accordance with Section 3.11 hereof;
(ix) to withdraw funds deposited in error;
(x) to reimburse the Servicer for expenses incurred by, and reimbursable to, the Servicer pursuant to Section 6.03 herein, but only to the extent such amounts are determined to be reimbursable by the Trust Fund pursuant to Section 6.03; and
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pas THR Certs Ser 2003 S1)
Permitted Withdrawals From Custodial Account. The Special Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Special Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Transferred Mortgage Loan (including late collections of interest on such Transferred Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Transferred Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, Advances made by it (A) that it determines in good faith will not be recoverable from amounts representing late recoveries of payments of principal or interest respecting the Servicer’s right particular Transferred Mortgage Loan as to reimburse itself pursuant to this subclause (iii) which such Monthly Advance or Servicing Advance was made or from Liquidation Proceeds or Insurance Proceeds with respect to any such Transferred Mortgage Loan being limited and/or (B) to the extent that such unreimbursed Monthly Advances and Servicing Advances exceed the related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, it being understood that, in the case of any such reimbursement, the Special Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(iv) to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Special Servicer’s right to reimburse itself pursuant to this subclause (iv) with respect to any Transferred Mortgage Loan being limited to such other amounts as may be collected by the Special Servicer from the Mortgagor or otherwise relating to such Transferred Mortgage Loan, it being understood that, in the case of any such reimbursement, the Special Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(v) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ixvi) to transfer funds to another Eligible Institution in accordance with Section 3.11 3.10 hereof;
(xvii) to invest funds in certain Eligible Investments in accordance with Section 3.10 hereof;
(viii) with respect to each LPMI Loan, an amount equal to the related LPMI Fee to make payment of premiums due under the LPMI Policy;
(ix) to withdraw funds deposited in error;
; and (xix) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) [Reserved]
(iii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer Collection Account, for ultimate payment by the Master Servicer to the Seller on the next succeeding Distribution DateSeller;
(iiiiv) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(ivv) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(vvi) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii)Fees, the Servicer’s and/or the Seller’s right to reimbursement reimburse itself pursuant to this subclause (viv) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vivii) to reimburse itself for remaining unreimbursed Servicing Advances and unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant to clauses (ii) or (v) above;
(viii) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;; and
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xii) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls.
Appears in 1 contract
Permitted Withdrawals From Custodial Account. The Servicer shall, from time to time, withdraw funds from the Custodial Account for the following purposes:
(i) to make payments to the Master Servicer in the amounts and in the manner provided for in Section 4.01;
(ii) to deposit the Seller Remittance Amount into the collection account maintained by the Master Servicer for payment by the Master Servicer to the Seller on the next succeeding Distribution Date;
(iii) in the event the Servicer has elected not to retain the Xxxxx Fargo Servicing Fee out of any Mortgagor payments on account of interest or other recovery of interest with respect to a particular Mortgage Loan (including late collections of interest on such Mortgage Loan, or interest portions of Insurance Proceeds, Liquidation Proceeds or Condemnation Proceeds) prior to the deposit of such Mortgagor payment or recovery in the Custodial Account, to pay to itself the related Xxxxx Fargo Servicing Fee from all such Mortgagor payments on account of interest or other such recovery for interest with respect to that Mortgage Loan;
(iviii) following the liquidation of a Mortgage Loan, to reimburse itself for unreimbursed Monthly Advances Advances, Servicing Fees and Servicing Advances, the Servicer’s right to reimburse itself pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to such Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s right thereto shall be prior to the rights of the Trust Fund;
(viv) to first reimburse itself for any unpaid Xxxxx Fargo Servicing Fees and then to reimburse following the Seller for any unpaid Seller Remittance Amount not paid pursuant to clause (ii), the Servicer’s and/or the Seller’s right to reimbursement pursuant to this subclause (v) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Condemnation Proceeds, Insurance Proceeds, REO Disposition Proceeds and other amounts received in respect liquidation of the related REO Property, and such other amounts as may be collected by the Servicer from the Mortgagor or otherwise relating to the a Mortgage Loan, it being understood that, in the case of any such reimbursement, the Servicer’s and /or the Seller’s right thereto shall be prior to the rights of the Trust Fund;
(vi) to reimburse itself for remaining unreimbursed Servicing Advances and (a) any unpaid Xxxxx Fargo Servicing Fees with respect to any defaulted Mortgage Loan as to which the Servicer has determined that all amounts that it expects to recover on behalf of the Trust Fund from or on account of such Mortgage Loan have been recovered;
(vii) to pay the Seller for any unrecovered Seller Remittance Amount from amounts on deposit in the Custodial Account, to the extent not paid pursuant recoverable from Liquidation Proceeds, Insurance Proceeds or other amounts received with respect to clauses the related Mortgage Loan under Section 3.04(ii) and (iib) or (v) aboveany unreimbursed Nonrecoverable Advances made by the Servicer in accordance with this Agreement;
(viiiv) to pay itself interest on funds deposited in the Custodial Account;
(ix) to transfer funds to another Eligible Institution in accordance with Section 3.11 hereof;
(x) to withdraw funds deposited in error;
(xi) to clear and terminate the Custodial Account upon the termination of this Agreement; and
(xiivi) to pay itself an amount equal to the Net Simple Interest Excess for the related Due Period to the extent not offset by Net Simple Interest Shortfalls;
(vii) to transfer funds to another Eligible Institution in accordance with Section 3.09 hereof;
(viii) to invest funds in certain Eligible Investments in accordance with Section 3.09 hereof;
(ix) to clear and terminate the Custodial Account upon the termination of this Agreement.
Appears in 1 contract
Samples: Securitization Servicing Agreement (Structured Asset Sec Corp Mort Pass THR Certs Ser 2004-S1)